Wednesday, January 25, 2017

Trion Properties Repositions Value-Add Multifamily Asset in San Diego, CA

Willow Glen Apartments, San Diego, CA

SAN DIEGO, CA – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments, has successfully repositioned and rebranded Willow Glen, a 98-unit apartment community in San Diego, CA, nearly doubling the value of the property within 18 months, accordingly to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky
Located in the rapidly growing College Area submarket of San Diego, the property was purchased in June 2015 at an extremely low-cost basis with strong upside potential, presenting an opportunity to drive significant value for the asset through extensive renovations.

            “San Diego remains one of the most desirable markets for multifamily investments,” says Sharkansky. “The limited supply of multifamily product, coupled with the growing demand for quality housing near major schools and employers, is placing upward pressure on rents throughout the region.

“Our niche strategy of targeting and repositioning highly distressed assets in strong, central locations enabled us to recognize this opportunity and implement a comprehensive renovation plan that would maximize the property’s potential in record time.”

            Sharkansky notes that this property was acquired in the one of the lowest price per unit multifamily sales in San Diego that year, allowing Trion to invest more equity in its redevelopment, which included improving the overall design of the community and renovating the interior units.

            “Willow Glen’s close proximity to San Diego State University has particularly attracted strong resident demand from students in the area,” notes Sharkansky. “Our strategy was to leverage this demand and bring the asset up to market by converting it into a modern, high-quality community that would appeal to millennial renters in this submarket.”

Mitch Paskover
Trion Properties invested approximately $2.6 million in renovations, including the installation of quartz countertops, stainless steel appliances, and new cabinetry in each of the units. 

Exterior upgrades included a complete revamping of the façade with new paint, as well as the integration of drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property.

Through aggressive lease-ups and hands-on management, Trion transformed Willow Glen into a strong, cash-flowing asset, achieving an internal rate of return of approximately 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.

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

Lauren Burgos / Katie Kea
Brower, Miller & Cole
(949) 955-7940

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