Thursday, October 6, 2016

Trion Properties Repositions and Sells Two Multifamily Assets in Sacramento, CA for $25.5 Million

Regalia Crest Apartments, Sacramento, CA

SACRAMENTO, CA – Los Angeles-based private equity real estate firm Trion Properties has repositioned and sold two multifamily communities in Sacramento. The two dispositions include Sierra Village, a 185-unit garden-style apartment community, and Regalia Crest, a 128-unit multifamily asset, for a total consideration of $25.5 million.

Trion Properties purchased Regalia Crest and Sierra Village in 2013 and 2014, respectively, for a total of $14.2 million, reflecting a tremendous increase in value during the short hold period.

Max Sharkansky
"The Sacramento market, which was hit pretty hard during the recession, has experienced tremendous recovery over the last several years, and investors are taking note,” says Max Sharkansky, Managing Partner of Trion Properties.

“Investor groups are flocking to the region as multifamily demand continues to rise, and Sacramento remains the leader in the nation for the highest annual effective rent growth. 

"Based on these market dynamics, we recognized that now was the time to seize the opportunity of the current bull market and sell these assets.”

Sharkansky explains that Trion Properties recognized the deep value potential of this market very early on in the recovery cycle, which allowed the firm to capitalize on the rapid growth throughout the region and obtain a premium price for both of these assets.

            “Our niche is in value-add distressed multifamily assets where there is a tremendous opportunity for value creation,” says Sharkansky. “This hyper-focused strategy and forward looking approach allows us to identify value where many other investors can’t, which is exactly what we did at each of these properties.

“We strategically repositioned and renovated both of the assets, achieving and even exceeding our targeted returns in just three short years.”

For a complete copy of the company’s news release, please contact:

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

No comments: