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| The Eleanor Apartments, 412 South Lake Street, Los Angeles, CA |
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| Max Sharkansky |
Los Angeles, CA (May 2,
2016) – Trion Properties, a Los Angeles-based private equity firm with a niche
focus on value-add multifamily investments, has successfully repositioned and
rebranded The Eleanor, a 41-unit
1920’s boutique apartment community at 412
S. Lake Street in Los Angeles, more than tripling its equity since its
acquisition in 2013, according to Max
Sharkansky, Managing Partner of Trion Properties.
Situated in a gentrifying
neighborhood directly west of downtown Los Angeles, the multifamily property
was neglected during its prior ownership and was completely vacant upon
acquisition, presenting a strong value-add opportunity, according to Sharkansky.
Trion took the asset from zero to 100
percent occupancy within 30 months.
“Urban infill product
throughout Los Angeles is making a tremendous comeback due to the lack of
developable land available and the upward pressure on rents throughout the
region,” explains Sharkansky.
“Our overall strategy to
identify and reposition ‘diamond in the rough’ assets allowed us to immediately
recognize the deep potential in this property and integrate a comprehensive
renovation plan that preserved the integrity of its original vintage charm
while also significantly driving value for the asset in record time.”
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| Mitch Paskover |
Continental Funding Group,
a Los Angeles-based mortgage banking firm, secured the refinancing on behalf of
Trion Properties for a total of $6.1 million - a 67 percent loan to value. The
non-recourse loan was secured at a rate of 3.5 percent for a five year term.
“Our firm secured
financing for Trion’s initial acquisition of this asset in 2013,” notes Mitch Paskover, President of
Continental Funding Group. “Based on the
tremendous transformation of the property and the equity that Trion built in
its initial years of ownership, we were able to source and secure a competitive
cash-out loan that keeps Trion moderately leveraged on the asset.”
For a complete copy of the company’s news release,
please contact:
Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940
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