Jonathan Martin Of AEW Capital Management Acquires Multifamily From David J. Nagel

The multifamily property at 51 Majestic Court in Moorpark was sold for $133,200,000. The property consists of 376 units, with a price per unit of $354,255. The seller, David J. Nagel of Decron Properties, completed extensive renovations on the property during its ownership. The upgrades included improvements to unit interiors, parking options, a recreation building, fitness center, and resident clubhouse.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $133,200,000
• Address: 51 Majestic Court
• Market: Moorpark
• Buyer: Jonathan Martin - AEW Capital Management
• Seller: David J. Nagel - Decron Properties
• Units: 376
• Price Per Unit: $354,255

Decron CEO David J. Nagel mentioned that the strategic plan implemented by Decron led to higher rents and robust returns over a decade. The sale to AEW Capital Management marked the latest in a series of Southern California dispositions as Decron aims to diversify its portfolio geographically. Jonathan Martin represented AEW Capital Management in the transaction.