Thursday, December 30, 2021

Trion Properties Continues Southeast Expansion with Acquisition of 312-Unit Multifamily Community in Charleston, SC

Latitude at West Ashley apartments 
735 Ashley Hall Road
Charleston, SC 29407 
 
 

CHARLESTON, SC, Dec. 30, 2021 – Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in multifamily investments, has expanded its Southeast presence with the acquisition of Latitude at West Ashley, a 312-unit multifamily community in Charleston, South Carolina for $51.8 million.  

 The firm entered the Southeast market in September with the acquisition of Crescent Commons, a 288-unit multifamily community in Fayetteville, North Carolina, followed by the purchase of Patterson Court, a 384-unit luxury multifamily community in Orlando, Florida, in November. 

Max Sharkansky
This continued growth within the region speaks to the firm’s strong reputation and ability to rapidly expand into new markets based on strong relationships and a deep understanding of the multifamily investment market and trends, according to Max Sharkansky, Managing Partner at Trion Properties.  


“Charleston is a lucrative market that we have been actively looking to expand into as we continue to strategically acquire properties in areas that have proven resiliency and are experiencing population and employment growth,” says Sharkansky.

 “Latitude is an ideal asset as it’s situated on the east side of the West Ashley submarket, which is less than 10 minutes from downtown Charleston and the Charleston airport, the two largest employment centers in the area.

 "These strong employment fundamentals are met with a growing population that will help generate long term renter demand for the property.”  

 

Marley R. Dominguez

Marley Dominguez, Director of Acquisitions at Trion Properties, adds: “The Charleston region’s population is increasing three times faster than the U.S. average, boasting 33 new residents each day.

 A growing list of major corporations and industrial tenants have opened facilities in the area, lured by tax incentives and quick access to the expanding Port of Charleston.” 

 Constructed in two phases in 1968 and 1973, Latitude at West Ashley consists of one-, two-, and three-bedroom units averaging 954-square feet.

Mitch Paskover

 Approximately half of the units are townhome style. The community is comprised of 22 two-story wood-framed buildings, as well as a pool deck with BBQ grills and cabanas, fitness center, and on-site laundry facilities. 

 Latitude at West Ashley is located at 1735 Ashley Hall Rd, Charleston, SC 29407.  

 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:

Elisabeth Manville / Anthea Davis   

The Smart Agency, Inc.  

(949) 438-6262 

andavis@thesmartagency.com  

https://trionproperties.com/. 

NewPoint Real Estate Capital Provides $20.6 Million in Fannie Mae DUS® Financing for Multifamily Property Acquisition in Holiday, FL

 

 The Park at Bergamo apartments, Holliday, FL

  Plano, TX  – NewPoint Real Estate Capital LLC (“NewPoint”), an innovative new commercial real estate finance company specializing in multifamily lending, has provided $20,616,000 in acquisition financing for The Park at Bergamo, a 244-unit multifamily property in Holiday, Florida, a suburb of the Tampa-St. Petersburg-Clearwater, Florida MSA.

 The transaction was originated by NewPoint Senior Managing Director John D. Motzel, who worked with Skyline Capital on behalf of the borrower. 

John D. Motzel

The 10-year Fannie Mae Delegated Underwriting Services (DUS®) loan features interest-only payments for the first four years, followed by amortization thereafter. 

NewPoint executed the transaction through Fannie Mae’s Sponsor-Initiated Affordability (“SIA”) program, which requires the Sponsor to maintain a minimum of 20% units affordable at 80% of AMI or less for the life of the loan. 

 “Our client received beneficial interest rate pricing due to the mission incentives provided by Fannie Mae under the SIA program and even went beyond what was required, setting aside additional units as affordable,” said Motzel.

“At closing more than 99% of the asset qualified as mission-driven for Fannie Mae.”


 The Park at Bergamo, originally built in 1975, is a seven-building apartment community of one- and two-bedroom units.

 Amenities include three swimming pools, a clubhouse, a business center, a fitness center, a playground, as well as a dog park.

The property had undergone a renovation in 2019-2020, which new Ownership plans to continue and complete.

 

NewPoint Real Estate Capital Provides $6.8 Million HUD Loan to Refinance Apartment Complex in Oxford, MS

 

Plano, TX – NewPoint Real Estate Capital LLC (“NewPoint”) announces the successful closing of a $6,840,000 HUD loan for Anderson Grove Apartments in Oxford, Mississippi. 

 Vincent Langan
The refinancing was originated by NewPoint Managing Director Vincent Langan on behalf of The Blackburn Group.

 The 35-year HUD 223(f) refinance loan was provided for the market rate 10-building, 80-unit Anderson Grove Apartments, which is situated on 5.6 acres at 1903 Anderson Road in Oxford.

The property features one- and two-bedroom units, a swimming pool, a -state-of-the-art fitness center, and a recreation room.

 Located within one-half mile from the University of Mississippi campus and on the local transit route, the property is within walking distance to many restaurants and cafes.

 “We have previously worked with The Blackburn Group and understood they wanted maximum cash-out proceeds along with a fully amortizing, long-term, fixed rate loan,” said Langan.

Anderson Grove Apartments, Oxford, MS

“The HUD 223(f) is the best non-recourse program in the market to provide these terms at the lowest rates.”

 Following its acquisition of the property in 2017, The Blackburn Group embarked on a renovation plan that encompassed interior upgrades to the units, including new kitchen and bathroom fixtures and furnishings, as well as interior common area and exterior improvements to the structures and surroundings of the property. 

The renovation was completed in July 2019.

 

 CONTACTS:

Daniel Ahern

Account Coordinator

The Pollack Group

O: 212-601-9341 M: 781-927-4038

dan@pollackgroup.com 

 

Stefan Pollack

The Pollack Group

stefan@pollackgroup.com

310.780.2364

 

Elyse Bandel

NewPoint Real Estate Capital

Elyse.Bandel@NewPoint.com

917.447.0143

https://newpoint.com.