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| The 28-unit property, 5012 Apartments, represents Trion’s expansion from value-add multifamily renovations into ground-up development and is the first property the firm has taken from unentitled to developed and stabilized. |
Culver City, CA – Trion Properties, a private equity real estate
firm that specializes in multifamily investments in western markets, announced it
has completed its first ground-up development project: a multifamily community
with numerous tech amenities in the Los Angeles County submarket of Culver
City, California.
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| David Moghavem |
“While Trion’s core strength has been upgrading undervalued
multifamily properties in up-and-coming neighborhoods, this project presented
us with the opportunity to fill a significant void in the neighborhood by
developing a brand-new class-A community from the ground up," says
Moghavem.
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| Amenities at the development include state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable TV, and modern finishes. |
"As seasoned
owners in the area, we understood the clear demand in the market for such a
product, further demonstrating our company’s overall mission to deliver quality
housing in our markets, whether it be through a value-add or ground up
development strategy.
“Through our previous successes executing our proven
strategy with our value-add project located just a block away from the
community, we identified this pocket of Culver City to be an area where renters
are demanding an even higher level of quality, compelling us to deliver that
product with much success”
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| Max Sharkansky |
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.
Located five miles from the beach, Culver City is a region within Los
Angeles noted for its strong media and entertainment presence.
The market is quickly transitioning into a tech hub, with Sony, NFL Network, and Apple, among the employment giants taking space in the market.
In addition, the $600 million modernization and expansion of
Culver Studios, to be occupied by Amazon Studios, is expected to
transform downtown Culver City and attract more younger workers
to the area.
The market is quickly transitioning into a tech hub, with Sony, NFL Network, and Apple, among the employment giants taking space in the market.
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| Mitch Paskover |
“Tech employees have come to expect the same level of
technology in their homes as they have at work,” says Moghavem.
“5012 Apartments brings something totally new to the area that this demographic was demanding: high-end design plus next-level tech-focused amenities at an affordable price.
“5012 Apartments brings something totally new to the area that this demographic was demanding: high-end design plus next-level tech-focused amenities at an affordable price.
"Interest has
been so great that we were able to prelease 13 units with a tentative
certificate of occupancy.”
The property is now just under 50% leased ahead of its official grand
opening, planned for March 15.
The three-story, pet-friendly 5012 Apartments features a mix of 15 one-bedroom and 13 two-bedroom units, including some with lofts.
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
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