Decron Properties Corp. has bought a garden-style apartment complex in Moorpark for $84.4 million that it plans to improve and reposition as higher-end residences.
The Ventura County apartment market is tightening, Decron President David J. Nagel said, as the region's biomedical and high-tech industries grow. Moorpark is along the 118 Freeway near Simi Valley and Thousand Oaks.
Decron bought the Fountains at Moorpark, a 370-unit apartment community built in 1987. The company plans to spend $9.2 million on renovations that it hopes will make the Fountains more desirable and capable of commanding higher rents.
Improvements to the units will include new flooring, cabinets and countertops; enhanced lighting; and stainless steel appliances. Finding apartment complexes that can benefit from such upgrades is part of Decron's business strategy, Nagel said.
Decron hopes to make the complex at 51 Majestic Court appealing to renters who have found it difficult to buy houses in Ventura County because of rising home prices, Nagel said. The Fountains is in a neighborhood where the median home value is $450,000.
Decron owns and manages 4,800 residential units and has 460 more units in development.