 |
| 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:
Post a Comment