Los Angeles-based Decron Properties has made its first acquisition in nearly two years, paying $114 million for an apartment complex along LA’s Miracle Mile. Decron bought 5550 Wilshire Blvd., a 163-unit complex, from Boston-based GID, which acquired the property in 2023, LA Business First reported. JLL’s Blake Rogers represented the seller and buyer.

Developed in 2010 by Legacy Partners, 5550 Wilshire has a unit mix of one-, two- and three-bedroom apartments and townhomes. The property also has parking for 480 vehicles and nearly 14,700 square feet of ground-floor retail.

“Our growth-market strategy has never been a referendum on Los Angeles,” Decron president and CEO David Nagle told Business First. “For a period, the risk-adjusted returns here simply weren’t competitive with what we were finding in the Sun Belt markets. We continue to see attractive long-term fundamentals in markets outside California, but Los Angeles remains one of the nation’s most important and chronically undersupplied housing markets.”

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