TRION PROPERTIES ACQUIRES 302-UNIT MULTIFAMILY BEAVERTON PORTFOLIO FOR $94.8 MILLION
BEAVERTON, Ore. (Sept 6, 2022) – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California, and Miami, Florida, has purchased a multifamily portfolio totaling 302 units in the Beaverton submarket of Portland, Oregon for $94.8 million.
Since 2015, Trion has owned and managed 22 properties in the Greater Portland metropolitan area and currently owns 13 assets in the region, nine of which are in Washington County where Beaverton is located. This has allowed the company to cultivate deep expertise in the market, explains Max Sharkansky, Managing Partner at Trion Properties.
“Our firm was able to draw on its impressive track record and ability to maintain strong local relationships to secure this multifamily portfolio in the highly desirable Beaverton submarket,” says Sharkansky. “We are keen on the region as it continues to attract high caliber resident interest due to its strong fundamentals and excellent quality of life.”
Ongoing trends show Portland residents moving away from the city center into low-density suburbs such as Beaverton, Sharkansky adds. Since Trion entered the Portland market seven years ago, the region has continued to see tremendous development and rapid job growth with the metro’s largest employers Intel and Nike World Headquarters—both located in Beaverton—undergoing vast corporate expansion. With the extension of the MAX light rail station, the redevelopment of Cedar Hills Shopping Center, and the resurgence of Old Town Beaverton, the submarket is an increasingly attractive destination to live, work, and thrive. As a result, CoStar predicts Beaverton rents to grow by 25.3% (6.325% per year) over the next 4 years, well above the historical average.
“A dense concentration of premier technology companies including Tektronix and Intel, have led to Beaverton’s nickname, ‘Silicon Forest’,” explains Farhan Mahmood, Partner and Director of Acquisitions at Trion Properties. “With an opportunistic job market and Oregon tech jobs hitting an all-time high this year, the metro continues to face an underserved need for high-quality multifamily communities that will appeal to new area residents drawn to the region.”
Additionally, because of the Portland Urban Growth Boundary, future developments are limited to high-density construction, further raising the value of assets like those in the Beaverton portfolio, explains Mahmood: “All three properties feature a variety of top-tier amenity spaces and low-density layouts with large unit sizes. Capitalizing on our knowledge and infrastructure in the submarket, Trion is enthusiastic to continue acquiring progressively attractive and irreplaceable assets such as these to its portfolio.”
The Beaverton portfolio consists of three sites, Jasper Place, Jasper Square, and Willow Grove. Jasper Place and Jasper Square were purchased in association with anchor investor, Promus Realty Properties. To increase value, Trion plans to execute strategic upgrades and utilize its vertically integrated property management platform to improve operations and cure deferred maintenance, according to Max Sharkansky.
“Through implementing our proven value-add renovation program, we plan to place extensive focus on capital projects and eliminating deferred maintenance, allocating approximately $2.8 million toward community amenities and $3.4 million toward interior upgrades with high-end scope,” notes Sharkansky. “Based on our market experience, we believe there is still ample value yet to be achieved through rental upside and continued renovation of unit interiors.”
Constructed in 1986, Jasper Place is a 100-unit community located in northern Beaverton. Composed of 19 two-story wood-framed buildings, the community features one-, two-, and three-bedroom apartment units. Existing amenities include a pool, fitness center, sports courts, and leasing office, as well as upgrades to 58% of all unit interiors and garages for each unit, the latter of which Jasper Place and Jasper Square are the only properties in the submarket to feature.
Located 1 mile from the Willow Creek MAX light rail station, adjacent to Tanasbourne Town Center and Kaiser Permanente Westside Medical Center, Jasper Place offers easy access to employment corridors and local amenities throughout Beaverton and into downtown Portland.
Jasper Place is located at 18300 NW Walker Road in Beaverton, Oregon.
Constructed in 1986, Jasper Square is an 83-unit community located directly across from the Nike World Headquarters to the south and Tualatin Hills Park and Recreation Complex to the west. Comprising 15 two-story wood-framed buildings, the community features one-, two-, and three-bedroom apartment units.
Existing amenities include a pool, fitness center, and leasing office, as well as upgrades to 55% of all unit interiors and garages for each unit.
Jasper Square is located at 15195 SW Walker Road in Beaverton, Oregon.
Constructed in 1988, Willow Grove is a 119-unit community located in the heart of Beaverton. Consisting of 15 two-story wood-framed buildings, the community features one-, two-, and three-bedroom apartment units with open floor plans. Existing amenities include a pool, fitness center, and leasing office, as well as upgrades to 50% of all unit interiors and low-density grounds with ample green spaces.
Conveniently situated between two entertainment hubs, Beaverton Town Square and Cedar Hills Crossing, the property offers residents an easy commute to employment and entertainment options with direct access to downtown on Portland’s MAX Blue Line.
Willow Grove is located at 11981 SW Center Street in Beaverton, 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 more than $1.4 billion in transactions, with a portfolio of over $1 billion in assets, generating an average internal rate of return in excess of 30 percent.
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/.