Done Deals: Trion Properties Expands Florida Foothold with $49 Million Acquisition of 250-Unit Luxury Multifamily Community in Greater Orlando, FL area

Saturday, April 2, 2022

Trion Properties Expands Florida Foothold with $49 Million Acquisition of 250-Unit Luxury Multifamily Community in Greater Orlando, FL area

Max Sharkansky

ORLANDO, FL – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has acquired Altamonte at Spring Valley, a 250-unit luxury multifamily community in Altamonte Springs, Florida, a submarket of North Orlando for $49.1 million.

Altamonte at Spring Valley is Trion’s second acquisition in Florida, following the firm’s 2021 acquisition of Patterson Court, a luxury apartment community in Orlando.

The team has been actively pursuing opportunities in the desirable Florida market and aims to rapidly expand their presence in Southern states over the next several years, according to Max Sharkansky, Managing Partner at Trion Properties.

“By utilizing our strong 16-year track record of successful multifamily investments, we were able to obtain a favorable purchase price and close the deal smoothly and quickly,” explains Sharkansky, who notes that the acquisition of Altamonte at Spring Valley brings Trion’s Southeast multifamily portfolio to more than 1,230 units in just over six months since entering the region.

Mitch Paskover

The property is on the south side of the Altamonte Springs submarket, a 15-minute drive from downtown Orlando and within a 20-minute drive of more than 36 million square feet of office space, notes Mitch Paskover, Managing Partner at Trion Properties.

“We are seeing rapid job growth in Orlando, which has been double the national average over the past 5 years and is projected to continue at approximately 2.5 times the national average over the next 5 years,” says Paskover.

Marley Dominguez, Director of Acquisitions at Trion Properties, adds: “Altamonte Springs is unique within the North Orlando submarket for the large number of renters despite the affluence of the area, making this a unique opportunity to implement value-add enhancements that will meet the expectations of renters in the area and in turn increase values.”