Trion Properties Bolsters Greater Portland Portfolio with Acquisition of Newly-Built, 64-Unit Multifamily Community in Gresham, OR

Hood Apartments, 1833 SE 6^th Street in Gresham, OR

 

Gresham, OR – Trion Properties, a real estate private equity firm that specializes in multifamily investments in western markets, along with joint venture partner AMC Investments, has acquired Hood Apartments, a brand-new 64-unit multifamily community in the greater Portland city of Gresham, Oregon for $12 million.

Max Sharkansky

 This acquisition brings Trion’s holdings in the region to eight properties totaling 675 units. Hood Apartments is the firm’s first purchase in the city of Gresham, the fourth largest city in the state, according to Max Sharkansky, Managing Partner at Trion Properties.   

 “As an experienced owner and operator in the Portland area, we recognized Gresham as a city with massive potential due to the affordable cost of living, family-friendly lifestyle, walkability, and proximity to a thriving business scene,” explains Sharkansky.

 “Much of Gresham’s existing housing was built prior to the year 2000. Hood Apartments, completed earlier this year, is a stand-out in the area that meets a high demand for newly developed and upgraded multifamily properties driven by a healthy local economy.”  

 

Farhan Mahmood

Gresham has continued to attract numerous big companies with its special property tax incentive programs. The city’s Enterprise Zone program has facilitated extreme growth through its public and private partnership which provides a three-to-five-year abatement on new investments, in exchange for meeting job creation and other business requirements.  

Adds Farhan Mahmood, Managing Director of Acquisitions at Trion Properties: “While our typical strategy in the Portland area is to acquire multifamily product of older vintages and implement light-to-moderate value-add renovations, we identified and secured a rare, lucrative opportunity to add this unique asset to its portfolio.

  "We’re purchasing this brand-new asset below replacement cost, demonstrating our ability to continue to strategically source acquisitions, build and maintain relationships in our target markets, and remain nimble during these unprecedented times.”  

 

Jordan Carter

Jordan Carter, Tyler Linn, Clay Newton and Joe DeJager of Kidder Matthews represented Trion Properties in this transaction.

 “This opportunity would not come about if it wasn’t for a strong group such as Kidder Matthews,” continues Mahmood. “The team put hours of hard work into this transaction and are diligent, consummate professionals, and our relationship with them is extremely valued.”  

 The asset was vacant upon closing and Trion Properties closed 14 days after the property received certificate of occupancy. Continental Partners sourced the acquisition loan based on pro-forma due to the vacancy of the building.

Tyler Linn

  Hood Apartments is ideally situated on 2.8 acres of land and just minutes from Oregon’s iconic Mount Hood, Multnomah Falls and the Columbia River Gorge National Scenic Area, offering residents some of the best scenic views in the Portland area.

 The property is less than one mile from the MAX Light Rail Blue Line, which conveniently connects Gresham to Hillsboro and Beaverton.

 Legacy Mount Hood Medical Center and Mount Hood Community College are within a short two miles of the property as well.  

Hood Apartments features spacious one- and two-bedroom apartment homes and is adjacent to a number of restaurant and retailers.  

Clay Newton

 The property is located at 1833 SE 6^th Street in Gresham, Oregon.  

 About Trion Properties  

 Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast. 

Trion has completed more than $300 million in transactions, with a portfolio of over $315 million in assets, generating an average internal rate of return in excess of 30 percent.

       Joe DeJager 

 With its fully built-out operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and renovation of multifamily properties to drive returns for its investors.  

 Since its inception, Trion has acquired the fee interest—or in certain instances the debt secured by the fee interest—of over 2,450 multifamily units. 

To date, Trion has successfully repositioned and resold over 1,150 units and over 180,000 square feet of commercial real estate space.  

 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.

Contacts:

 Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

www.amcinvestments.com  

http://www.trion-properties.com/