It Cost $125 Million to Build in 2010. Decron Just Bought It for $114 Million.
163 apartments on Miracle Mile. Fully leased retail. After nearly two years on the sidelines, Decron found a Great Asset at a Great Price.
At a glance
Acquisition announced: September 18, 2026
includes the retail component
fully leased, according to published acquisition coverage
What matters
- An big player found a reason to step back in.Decron says this was its first acquisition in nearly two years. The firm owns and manages roughly 10,000 apartments and has operated in Los Angeles for decades. When an owner with that experience buys, I am looking into this.
- About $700,000 a door.The $114 million purchase includes 163 apartments and 14,686 square feet of fully leased retail. If we back out $10 million, they paid about 638k a door for very large units.
- Large apartments and a lot parking!Average apartment size is approximately 1,323 square feet. Decron reports 484 parking spaces serving the residential and retail portions of the property. Its leasing site says every apartment gets reserved parking. The building was originally planned as condominiums before becoming rentals.
- Decron says the existing income supports the deal.The buyer describes the acquisition as below replacement cost, with positive leverage from the outset. That is Decron’s stated investment rationale. The actual cap rate, operating statements and loan terms have not been verified for this article and I can't find it anywhere.
Deal stats
What an Operator Sees
The team that got it done. Congratulations to Blake Rogers and his team. Blake has done 4 Billion in sales in the last 12 months. When I asked him, how he did it, his response is "Working Really Hard"
Blake Rogers, Senior Managing Director, JLL, 310.979.5743, B.Rogers@jll.com, represented both the buyer and the seller.
Getting a $114 million apartment deal done in this market, on both sides, is strong.
At nearly $700,000 a door, I want to know what this deal was about.
A 2010 building on Miracle Mile, unusually large apartments, ground-floor retail with Excellent Tenants and A lot of parking. Decron bought the property from GID for $114 million. They got a Deal!
The buyer matters.
Decron’s roots go back to Jack Nagel’s Southern California building business in 1955. His son David has led the company since 1988. Today, the firm owns and manages roughly 10,000 apartments.
This is a family business that has been through several real estate cycles. The property is also less than a mile from its headquarters. An owner operating this close to home should have a good feel for the competition, the tenants and what it takes to keep a building leased. And when they are buying, this is a very good sign.
Walk score is 95 and building is within walking distance of Wilshire/Fairfax. Its An A+ location in my opinion.
Decron says this was its first acquisition in nearly two years. That makes me pay attention to what finally met its requirements.
The apartment sizes are one reason I like the property.
At approximately 1,323 square feet on average, these are large units. Decron says the floor plans run about 33% larger than the submarket average, and the mix includes one, two and three bedroom apartments plus townhomes. The project was originally planned as condominiums before becoming rentals, which helps explain the floor plans.
Tenants love larger units. I've experienced that that can help them stay longer and less turnover. Every move-out means some combination of repairs, painting, leasing work and vacancy. Keeping a good tenant in this market is very important and these large units will do that.
The parking strengthens the deal, too.
Decron reports 484 spaces serving the apartments and retail, and its leasing site says every apartment gets reserved parking, with EV charging on site. It's very hard to lease units without parking so this component is very important and it looks like the two bedrooms probably have 2 spaces.
Then there is the retail.
The building includes 14,686 square feet of fully leased commercial space, with tenants including Chipotle, Five Guys and FedEx Office. Those leases are with A+ tenants that are not going anywhere.
On price, the reported $365 per square foot makes this an excellent deal.
On that basis, this is the cheapest price per foot I found among recent sales nearby.
- Vinz, 950 S Fairfax, built 2018: sold February 2025 for about $568 a square foot.
- The Preston, 630 Masselin, built 1989: sold August 2026 for about $453 a square foot.
- Versailles, 8811 Burton Way, built 1989: sold May 2026 for about $543 a square foot.
- Access Culver City, 8770 Washington, built 2016: sold June 2026 for about $604 a square foot.
Decron says it bought substantially below replacement cost. When this project opened in 2010, it cost about $125 million to build. Decron paid $114 million, 16 years later.
In my estimates, this would easily cost $150 million to build today.
What I like most is Decron’s statement that the existing income produces positive leverage.
Blake Rogers of JLL represented both the buyer and seller. Getting a $114 million transaction across the finish line deserves credit.
That is why I like this trade, I'm seeing a very experienced owner stepping in while everyone else is scared.
Sources:
Decron acquisition announcement
Decron leadership and portfolio
Decron leasing site, 5550 Wilshire at Miracle Mile
The Real Deal, The Preston sale
Atlas Brief, 8770 Washington Blvd
Write to David Safai at David@AtlasBrief.La
Appeared in the Oct. 2, 2026 edition of The Tape.