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| Hallwood Apartments, Beaverton, OR |
BEAVERTON,
OR – Trion Properties, a private equity real estate firm that specializes in
value-add multifamily investments in four niche markets along the west coast,
has acquired Hallwood Apartments, a
76-unit apartment community in the Portland submarket of Beaverton, Oregon.
This
acquisition comes on the heels of the firm’s acquisition of Bel Aire Court
earlier this year, bringing its total holdings in the region to more than 358
units, according to Max Sharkansky,
Managing Partner of Trion Properties.
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| Max Sharkansky |
“We have
been extremely bullish on the Portland Metro for the last few years, especially
the Beaverton submarket, based on its exceptionally strong fundamentals and
future value potential,” says Sharkansky.
“This is our
third acquisition in the city, which is located just a few miles west of
Downtown Portland and poised for explosive growth. In fact, Beaverton is in
Washington County, which is projected to see a population increase of 42
percent over the next 20 years.”
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.
In addition
to its close proximity to Portland’s urban core, the asset is located near the
Portland area’s “Silicon Forest,” the industrial corridor between Beaverton and
Hillsboro which houses tech giants including Yahoo!, Intel, Salesforce, and
Oracle.
The property also offers residents a short
commute to Nike’s headquarters in Beaverton, which is currently undergoing a
supersized expansion estimated at nearly $1 billion including six new buildings
and 3.2 million square-feet of space, notes Sharkansky.
“With many
major companies based out of, or expanding into, the region, there is an
increased demand for multifamily housing to support employment growth,” says
Sharkansky. “Through acquiring well-located properties like Hallwood
Apartments, which offers an excellent quality-of-life, convenient mass transits
options, and short commutes, we are positioning our portfolio for tremendous
upside potential over time.”
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| Mitch Paskover |
At full occupancy,
Hallwood Apartments also benefits from immediate positive cash flow, which
mitigates any downside risk, according to Sharkansky.
Constructed
in 1986, the garden-style community comprised of spacious one- and two-bedroom
units has been well-maintained by the seller and features several in-demand
amenities including washers and dryers in each unit, a swimming pool, ample
covered parking, and an on-site leasing office.
“The asset
provides high-quality amenities and features for its vintage, yet there remains
a strong opportunity for value creation,” says Sharkansky. “We plan to
implement capital renovations to tastefully modernize and upgrade both the
exterior and interior of the property to further enhance its appeal for tenants
looking for value alternatives to Portland’s urban core.”
According to
Sharkansky, Trion Properties now owns a total of six properties throughout the
Portland Metro, allowing the firm to reduce operating costs and increase
returns by amassing economies of scale.
Hallwood
Apartments is located within 1 mile of Bel Aire Court and 2.5 miles from Hidden
Villas, which Trion acquired in July 2017 and October 2016, respectively. The
location is in-line with Trion’s strategy of acquiring along the 217 freeway,
which many residents use to commute to work throughout the Portland metro.
The Hallwood
Apartments are located at 7535 SW Hall
Boulevard in Beaverton, Oregon.
The property was acquired from a private
seller for $12.25 million. Acquisition financing was arranged by Los
Angeles-based mortgage banking firm Continental Partners.
Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real
Estate, Inc. represented both the buyer and the seller in this off-market
transaction.
Additional information is available at
http://www.trion-properties.com/
For more information on this news release,
please contact:
Katie
Clendening / Elisabeth Manville
Brower,
Miller & Cole
(949)
955-7940
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