Decron Properties has paid $114 million for a 163-unit apartment and retail complex in Los Angeles' Miracle Mile neighborhood, marking the Los Angeles-based firm's first Los Angeles acquisition in nearly two years. The property at 5550 Wilshire Boulevard includes fully leased ground-floor retail space, a mix of apartments and townhomes, and sits roughly 1.9 acres near the Los Angeles County Museum of Art.
The deal closed with Decron buying the property from Boston-based GID, which had acquired 5550 Wilshire Boulevard itself back in 2023, according to ConnectCRE. The 163-unit complex works out to roughly $699,000 per unit, as reported by The Real Deal. JLL's Blake Rogers represented both Decron and the seller in the transaction, per Commercial Observer.
Built in 2010, the six-story property was originally started by Legacy Partners and BlackRock in 2007, with construction wrapping up three years later, per the same account from The Real Deal. The site itself last sold for $2.7 million back in 2004, according to county assessor records cited by the Los Angeles Business Journal.
Fully Leased Retail Anchors the Complex
The property includes one-, two- and three-bedroom apartments and townhomes, alongside amenities such as a pool and spa, a resident lounge, a private movie theater and rooftop lounges, Commercial Observer reports. Ground-floor retail totals 14,686 square feet and includes tenants such as Chipotle, Five Guys and FedEx Office.
That retail stability lands amid a broader shift in the Los Angeles multifamily market. Net absorption across Greater Los Angeles hit a three-year high in 2025, with roughly 5,600 units recording net move-ins even as developers brought more than 8,600 new units online in the same stretch, according to NorthMarq. Since 2022, roughly 32,000 multifamily units have come online in the region while vacancy has climbed just 100 basis points, and asking rents have held within a $50-per-month range since late 2022, per the same NorthMarq analysis.
Decron's Broader Portfolio Moves
NorthMarq also reports that multifamily sales activity in Los Angeles jumped 52 percent over the 12 months ending in 2025 compared with 2024, and that deal activity is expected to accelerate further in 2026, particularly for older, lower-tier properties, even as vacancy is forecast to inch only slightly higher in 2026.
The 5550 Wilshire purchase follows other recent moves by Decron, which owns roughly 10,000 multifamily units and 1 million square feet of retail space across California, Washington and Arizona, per The Real Deal. Earlier in September, Chicago-based multifamily investor Waterton Residential bought Decron's 482-unit Reserve at Chino Hills complex for an undisclosed amount. Decron also recently refinanced its 398-unit River Ranch Apartments in Simi Valley with an $82.9 million package from Fannie Mae, a five-year, fixed-rate loan that will let the firm pay off existing bank debt while pulling out cash, according to REBusinessOnline.
Decron had previously carried a $75 million loan from Signature Bank on River Ranch dating to 2022, and originally bought that Simi Valley property from Aimco in 2012 for $65.3 million. The firm's Simi Valley holdings have also seen turnover in recent years — in 2024 it traded the 376-unit Ranch at Moorpark to AEW Capital Management for $133 million.
Taken together, the moves suggest a firm actively recycling capital across Southern California even as it makes a rare return to the Los Angeles city market it calls home. The Miracle Mile purchase gives Decron a foothold in one of the city's more established residential corridors, with the property's built-out retail lineup and amenity package offering the kind of stabilized asset that has drawn increased investor interest as the broader Los Angeles multifamily market shows signs of tightening.
