SoCal Community Reopens Following $10M Renovation
- Mar 08, 2018
Decron Properties Corp. has reopened Reserve at Chino Hills, a 440-unit multifamily asset in Chino Hills, Calif., following $10 million in renovations. The owner acquired the property—formerly known as Village Crossing—from Invesco Real Estate in July of 2014 for $82.3 million, according to Yardi Matrix. Decron began work to reposition the Los Angeles-area multifamily asset immediately following the closing of the sale.
Located at 4200 Village Drive, the community’s 32 buildings are situated within one mile of Chino Valley Freeway, enabling access throughout the region. Previously marketed as Village Crossing, the property was constructed in 1987 and features studio, one- and two-bedroom units, ranging in size from 501 to 917 square feet. Rental rates are between $1,495 and $2,000 per month.
A repositioned, reinvented community
In addition to renovating kitchens, updating flooring and adding in-unit washers and dryers, the owner invested in upgrading the community’s common areas. The property’s three swimming pools now include fire pits, new lounge furniture and barbecue grills. Decron also constructed a two-story clubhouse, which features a 1,500-square-foot fitness center and a 1,000-square-foot clubroom with Wi-Fi, a video game room and a children’s play area.
“Most rental housing in Los Angeles is either too expensive or too old and lacking the amenities today’s renters want,” said David Nagel, CEO of Decron, in a prepared statement. “We took the best of what the property had to offer and enhanced it to create an affordable luxury living environment that is within the reach of most working families in Los Angeles. The result is an apartment community with a resort feel that our residents can be proud to call home.”
Images courtesy of Decron Properties