Trion Properties Repositions and Sells Two Multifamily Assets in Sacramento, CA for $25.5 Million

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

kkea@browermillercole.com

Villas at 17th Apartments in Kissimmee, FL Sold for $8.15 Million in Deal Brokered by Marcus & Millichap

Michael Donaldson

KISSIMMEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Villas at 17th Apartments, a 130-unit apartment community located in Kissimmee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,150,000.

Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a partnership, was secured and represented by Donaldson and Meoli.

“With over $700,000 in recent capital improvements, consistent monthly rent growth and a submarket with strong fundamentals, it is no surprise that we had over 300 buyers register to access the marketing website for Villas at 17th,” says Donaldson. 

“Buyers were attracted to the turnkey operation with the ability to obtain excellent year one cash flow once the loss-to-lease was reduced.”

“By bringing this property out to the market through our national marketing platform, we were able to procure nine offers, and ultimately close with an out-of-state buyer with local management at the contract price and terms,” adds Meoli.

Villas at 17th Apartments is a 130-unit apartment community located at 1701 North Central Avenue in the Kissimmee submarket of the Orlando MSA within Osceola County. The community is situated on a spacious 5.64 acre parcel adjacent to the North Main Street (US 441) and West Irlo Bronson Memorial Highway (US 192) intersection.

Nicholas Meoli

The community features a unit mix consisting of one studio unit with 500 rentable square feet; 126 one-bedroom/one-bathroom units with 625 rentable square feet; two, one-bedroom/one-and-one-half-bathroom units with 700 rentable square feet; and one, three-bedroom/one-bathroom unit with 644 rentable square feet.

These spacious open floor plans are appointed with a full open concept kitchen, oversized walk-in closets, tile flooring in all units, a full electric appliance package and semi-private patios or balconies. 

The community also features a barbecue and picnic area, sports court, leasing office with business center and coffee café and an on-site laundry facility.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Handles $2.35 Million Sale of Three Office Buildings in Trinity, FL

Dan Mulkey

TRINITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Trinity Square located in Trinity, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,350,000.

Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, represented the buyer in this transaction.  The buyer, a private investor, used this asset as one of a few properties purchased to satisfy a 1031 tax exchange.

Trinity Square consists of three single-story office buildings with 13,665 net rentable square feet located at 2433-2455 Country Place Boulevard in Trinity, Florida. The buildings were originally constructed in 2006 (substantially renovated in 2011) on approximately 2.34 acres in an office park setting.

“These buildings provide office space for medically related tenants servicing the surrounding community,” says Mulkey. “Being in such a high growth area and in such close proximity to the Medical Center of Trinity makes this location exceptional for this use.”

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $645,000 Sale of 15-Unit Pennick Landing Apartments in Ocala, FL

Ned Roberts

OCALA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Pennick Landing, a 15-unit apartment property located in Ocala, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $645,000.

Ned Roberts and Jason Hague, both associates, and Michael Donaldson and Nicholas Meoli, both vice president investments, all in Marcus & Millichap’s Tampa office, represented the seller, a private investor, and procured the buyer, a limited liability company. 

“The 1031-exchange buyer saw value in the Ocala market, they paid cash and closed on the property 17 days after putting it under contract,” says Roberts.

Pennick Landing sits on two contiguous parcels totaling approximately 1.39 acres located at 616 SE 11th Street in Ocala, Florida. The asset boasts an ideal unit mix of one and two-bedroom units with tile floors and dishwashers.

Four units are a 1984-built concrete block and wood frame quadruple and 11 units are located in a single concrete block building constructed in 1997. The area’s top employer, Munroe Regional Medical Center, employs 2,648 staff members and is just over one-half mile southwest of the community.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $3.8 Million Sale of 85-Unit Tradewinds Apartment Homes in Jacksonville, FL

    

Megan D. Johnson

JACKSONVILLE, FL, Oct. 6, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tradewinds Apartment Homes, a 85-unit apartment property located in Jacksonville, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,800,000.

Megan D. Johnson, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, all had the exclusive listing to market the property on behalf of the seller, a limited liability company.  

The buyer, a limited liability company, was also secured and represented by Johnson, Meoli and Donaldson.

Tradewinds Apartment Homes is an 85-unit, garden-style community located at 5717 Timuquana Road in Jacksonville, Florida. The community consists of 12 buildings and rests on approximately 2.32 acres.

The unit mix is comprised of two studio units with 500 rentable square feet; 44, one-bedroom/one-bathroom units with 550 rentable square feet; five, two-bedroom/one-bathroom cottage units with 850 rentable square feet; 14, two-bedroom/one-bathroom units with 950 rentable square feet; 18, two-bedroom/one-bathroom units with 875 rentable square feet; one, two-bedroom/one-bathroom townhome unit with 950 rentable square feet and one, three-bedroom/one-bathroom single family home with 1,000 rentable square feet.

Nicholas Meoli

“Tradewinds Apartments Homes represented an excellent opportunity to acquire a favorable in place return with a value add component,” said Meoli. “The buyer intends to capitalize on below market rents by implementing strategic interior and exterior renovations,” adds Donaldson.

“Through our national marketing campaign we generated 14 offers from investors throughout the country, and ultimately closed with a 1031-exchange buyer,” concluded Johnson.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700