Trion Properties Surpasses $1 Billion AUM (Assets Under Management) Following Record Acquisitions Volume in 2021
Trion’s final 2021 purchase of 186 units in the Portland, Oregon metro brought the firm’s yearly acquisition volume to $537 million and nearly doubled its multifamily portfolio size.
WEST HOLLYWOOD, CA & MIAMI, FL (JANUARY 25, 2022) – Trion Properties, a private equity real estate firm headquartered in West Hollywood, California, and Miami, Florida specializing in multifamily investments, has announced it achieved a total acquisition volume of $537 million in 2021. This milestone nearly doubles the firm’s portfolio size to surpass $1 Billion in total value of assets under management (AUM), according to Max Sharkansky, Managing Partner at Trion Properties.
“This has been a tremendous year of growth in which we’ve been able to remain nimble to adapt and seamlessly navigate the unique challenges presented in 2020 in order to seize new opportunities created,” explains Sharkansky. “Drawing upon a proven track record, far-reaching industry relationships, and deep experience in multifamily investment, renovations, and management, we’ve been able to successfully translate and execute our value-add strategy to new markets, leading to exponential growth.”
Sharkansky adds that this landmark year for the firm also saw the launch of Trion’s third fund and the opening of a new office in Florida. “In 2021, we established a second headquarters location in Miami and are rapidly building a strong team of seasoned professionals who are aligned with our mission and bring invaluable regional experience,” continues Sharkansky. “Our in-house acquisition, project management, property management, debt sourcing, and construction capabilities have been key to our multifamily investment success in California, Oregon, Colorado, and now the Southeast, which ultimately delivers a competitive advantage for our investors and a higher quality of life for our residents.”
Sharkansky notes that the firm currently owns more than 4,311 units across six states. Trion most recently acquired two multifamily properties totaling $39.1 million in the Beaverton, Oregon submarket of the Portland metro, an area where the firm has owned and managed 18 properties since 2015.
“In addition to seeking expansion within new markets as part of our growth strategy, we continue to identify assets in the Portland area, where we remain one of the most active buyers based on number of transactions,” says Sharkansky. “The Portland metro’s population has increased 12.5% since 2010, outpacing the national average for the last decade. The population increase is met with limited housing, with supply falling to great recession levels in the market. Coming out of the pandemic, the metro’s multifamily market continues to benefit from a steady influx of residents priced out of more expensive West Coast markets, compressing vacancies and further opportunities to increase asset values over time.”
Sharkansky notes that the Portland metro has a robust workforce, home to major companies such as Nike and Columbia Sportswear, both headquartered in Beaverton. Further, the region’s tech hub is growing, with more than 300 high-tech businesses, giving this area the nickname “Silicon Forest.”
Farhan Mahmood, Trion’s Managing Director, Acquisitions, adds: “Trion’s extensive knowledge and experience in Beaverton combined with incredible market fundamentals make this portfolio an excellent investment opportunity. Portland offers residents a high quality of life, recreation activities, accessibility to major employers, and an abundance of retail offerings – all of which fuel strong, stable rental demand. By acquiring these two communities with strong upside potential, we will be able to make strategic upgrades that will help drive long-term resident interest.”
The two properties acquired include:
Brookshire Meadows in Beaverton, Oregon
Trion Properties has acquired Brookshire Meadows, a two- and three-story, 128-unit garden-style multifamily community in Beaverton, Portland.
“This asset presents a strong opportunity to bring rents up to market and provide a long-term, cash-flowing asset,” explains Mahmood. “Over the past 10 years, prior ownership has maintained the property and made light exterior improvements, but interiors are original to their 1980 condition. We plan to make extensive interior upgrades, as well as exterior improvements that will increase value of the asset.”
Common area amenities include a leasing office, outdoor pool, fitness center, sports court, and laundry centers. Every unit has a private deck or patio, and upper floor apartments have wood-burning fireplaces. All units have open floorplans with dedicated dining areas.
Located at 11595 SW Center St in Beaverton, Oregon, the asset is less than one mile from multiple major retail and employment centers, transportation corridors, buses, and MAX light rail.
Camellia Park in Beaverton, Oregon
Trion Properties has acquired Camellia Park, a two- and three-story, 58-unit garden-style property. The property consists of one, two, and three-bedroom units and was originally constructed in 1969.
According to Mahmood, prior ownership has maintained the property and updated exteriors, but has left interiors in their original condition.
“By enacting strategic value-add enhancements to the interiors and modernizing amenities, we will greatly increase the livability of the property and return for investors,” says Mahmood. “Operation and management inefficiencies have left in-place rents well below market. By enacting strategic enhancements including interior renovations and modernizing common areas, we plan to maximize the return for our investors and deliver a high-quality place to live.”
Camellia Park consists of three buildings, and each has two laundry centers. Every unit also has a deck or balcony.
The property is located at 3750 SW 108th Avenue in Beaverton, Oregon. Immediately east of Highway 217, tenants have access to a plethora of retail as well as the TriMet Beaverton Transit Center.
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 more than $1.2 billion in transactions, with a portfolio of over $1 billion in assets, 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 4,200 multifamily units. To date, Trion has successfully repositioned and resold over 1,750 units and over 200,430 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 https://trionproperties.com/.
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