64-unit Edison Apartments in Gresham, OR
  sold by owner-investor Trion Properties
 after only 18 months on the market

Gresham, OR – Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in multifamily investments, has sold Edison Apartments, a 64-unit apartment community at 1833 SE 6th Street in Gresham, the largest suburb of Portland, Oregon, for $19.5 million.  

Max Sharkansky

 Jordan Carter, Tyler Linn, and Clay Newton of Kidder Mathews represented Trion Properties as the seller in this transaction. The buyer's name was not disclosed.

 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. Additional information is available at 

 Trion initially acquired the asset for $12 million in October 2020, according to Sharkansky, Managing Partner at Trion Properties. 

Mitch Paskover

“We purchased this newly built property just as it obtained a certificate of occupancy in 2020, identifying it as an excellent opportunity to add a modern multifamily community to our portfolio at far below replacement cost,” explains Sharkansky.

 “Following several years of building a well-positioned portfolio of multifamily communities in markets with proven resilience throughout economic cycles, we were strongly capitalized and able to act quickly to seize this opportunity.

 "We ultimately leveraged the strength of the property, the location, and the increasing demand for suburban life, to lease up the asset and generate a significant return within just 18 months.”  

 Jordan Carter

 

Sharkansky notes that the success of this investment speaks to Trion’s ability to strategically source acquisitions, build and maintain relationships in our target markets, and remain nimble during unprecedented times like the early months of the pandemic. 

 “This was a departure from our typical strategy in the Portland area of acquiring apartment communities of older vintages and implement light-to-moderate value-add renovations,” explains Sharkansky.

 “With strategic timing and effectively communicating the strengths of the property and market with the team at Kidder Mathews, who were instrumental in making the deal happen and went above and beyond to ensure a successful sale, we were able to sell the asset for well over the initial purchase price.” 

Tyler Linn

 Portland was ranked in the top 10 on U.S. News & World Report’s list of the 150 Best Places to Live in the U.S. in 2021-2022 and has and has consistently ranked as one of the top cities for in-migration over the last several years.

 As there continues to be an influx of new residents to the Portland metro, it is expected vacancy will decline significantly and rents will continue to rise.

 Gresham is projected to be one of the best rent growth areas in the Portland metro area as population growth continues to outpace housing supply, creating a competitive rental market, notes Sharkansky.  

  “The city of Gresham is the manufacturing and distribution hub of Portland, with industrial tenants continuously flocking to the area,” adds Sharkansky.

Clay Newton 

 “With the ongoing boom of industrial asset classes, Gresham is well positioned to continue to benefit from economic expansion tied to the rise of the e-commerce industry.

 "The continued expansion has led to an increased need for quality housing to support the growing population of employees.

 "Despite the increasing population, new construction has been limited as developers have focused on Portland’s core during the economic expansion.

 "The result has been a submarket with some of the tightest vacancy rates and fastest rising rents in the state.”  

 CONTACTS:

Elisabeth Manville / Anthea Davis  

The Smart Agency, Inc. 

(949) 438-6262

andavis@thesmartagency.com 

 

https://trionproperties.com/