TIGARD, OR – Trion Properties, a real estate firm that specializes in value-add multifamily investments in high-growth western U.S. markets, has acquired a portfolio of three multifamily assets totaling 162 units in Portland, Oregon submarkets, for $26.05 million.
The properties include Aster Parc Townhomes, a 62-unit community in Aloha, Oregon; Parker Apartments, a 48-unit community in Beaverton, Oregon; and York Apartments, a 52-unit community in Tigard, Oregon.
The acquisition of this portfolio brings Trion’s greater Portland area holdings to 9 properties totaling approximately 650 units, as the firm continues to focus on the region due to its recent and projected economic growth, according to Max Sharkansky, Managing Partner of Trion Properties.
“After a period of rapid growth, the Portland metropolitan area continues to establish a healthy economy and strong reputation for a high quality of life, with Washington County in particular demonstrating stellar market fundamentals, including the highest median household income in Oregon and a multifamily vacancy of five percent,” explains Sharkansky, noting that over the past three years, Trion has acquired more multifamily assets in the county than any other entity. “Employers are relocating and growing within the area, with major examples including Nike’s massive Beaverton headquarters expansion valued at $1 billion that was completed last year, and Intel’s upcoming addition of a third, 1.5 million square-foot building to its Hillsboro factory complex, which is estimated to bring 1,750 more jobs.”
Sharkansky also notes that there is a need for multifamily units of a wide range of sizes to accommodate single professionals, couples, and families with children. The Beaverton and Tigard-Tualatin school districts, which serve these communities, will both benefit in the coming years from school construction bonds, further driving demand for larger units.
“The three multifamily properties in this portfolio are of 45-to-50-year vintages and have been well-maintained and modernized with capital improvements in recent years,” continues Sharkansky. “Based on our experience with similar properties in the submarket and existing community relationships, we are ideally positioned to enact our proven strategy of light renovations, rebranding, and efficient, hands-on management to quickly unlock further upside potential and maximize return-on-investment.”
The portfolio was acquired from NBP Capital. Continental Partners arranged a $19.06 million loan to finance the acquisition. Rob Marton of HFO Investment Real Estate represented Trion Properties as the buyer in this transaction.
The properties in the portfolio include:
Multifamily Asset Adjacent to Trion Community in Aloha
Trion Properties has acquired a 62-unit multifamily community, Aster Parc Townhomes, in the Portland submarket of Aloha, Oregon, a census-designated place located between the cities of Beaverton and Hillsboro.
“This asset is extremely well-positioned in a central location that offers short commutes to the major ‘Silicon Forest’ employment hubs,” says Sharkansky. “The community is also an ideal addition to our portfolio because it is adjacent to another Trion community, Aster Parc apartments. Not only will this help optimize operational efficiencies for both properties, but the combined 146 units will attract a wider pool of sellers down the line.”
The community is comprised of townhome and garden-style flat units, ranging from studio to three-bedroom floorplans, and offers competitive features including in-unit washers and dryers, private courtyards, scenic landscaping, and ample parking.
The property is located at 18745 SW Farmington Road in Aloha, Oregon.
Multifamily Community in Scenic Beaverton Neighborhood
Trion Properties has acquired Parker Apartments, a 48-unit multifamily community located in Beaverton, Oregon. The property is located just one block from Tualatin Hills Nature Park, notes Sharkansky.
“Parker’s spacious two-and-three-bedroom units, located within a suburban neighborhood adjacent to five miles of nature trails, offer residents tranquil living while still providing ease-of-access to all that the greater Portland area has to offer,” says Sharkansky. “This asset’s unbeatable location is just two miles from the Nike World Headquarters and within walking distance of a MAX station and transit center.”
The community features a private deck or patio with each unit and garage parking.
The property is located at 17135 SW Heritage Court in Beaverton, Oregon.
Well-Located Multifamily Asset in High-Growth Tigard
Trion Properties has acquired York Apartments, a 52-unit multifamily community located in Tigard, Oregon.
“We’ve observed strong long-term growth fundamentals in Tigard and continued multifamily demand drivers, including the proposed Southwest Corridor Plan, which will provide road, trail, sidewalk, and bus improvements for additional commute options, and ultimately establishing more businesses and employment opportunities,” explains Sharkansky. “This community is well-positioned along Oregon Route 217, less than one mile from the Tigard Transit Center, and in close proximity to major centers of industry and retail, including the Kruse Way Corridor and Washington Square Mall.”
York Apartments is comprised of one-and two-story flats, ranging from studio to four-bedroom floorplans. The community offers ample off-street parking, mature landscaping, and woodland views.
The property is located at 7582 SW Hunziker Street in Tigard, Oregon.
About Trion Properties: Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast. Trion has completed $350 million in transactions, generating an average internal rate of return in excess of 30 percent. With its fully built-out operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and renovation of multifamily properties to drive returns for its investors.
Since its inception, Trion has acquired the fee interest—or in certain instances the debt secured by the fee interest—of over 2,600 multifamily units. To date, Trion has successfully repositioned and resold over 1,300 units and over 180,000 square feet of commercial real estate space.
The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment. Additional information is available at www.trion-properties.com