Trion Properties Continues Bullish Southeast Expansion with Acquisition of 297-Unit Portfolio in Highly Desirable Savannah, GA Submarket for $58 Million

Max Sharkansky

 SAVANNAH, GA, July 11, 2022 – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has acquired a multifamily portfolio consisting of two sites, Osprey on the Bluffs and Heron on the Bluffs, totaling 297 units in the Southside submarket of Savannah, Georgia for $57.65 million.

Laura Aylor

The transaction was brokered by Taylor Bird, Senior Director, Nelson Abels, Director,   Laura Aylor, Associate, and Harrison Cheeley, Associate, at Cushman and Wakefield.

Financing was arranged by Continental Partners, with preferred equity provided by Walker and Dunlop, and lending provided by Capital One.

Taylor Bird

Drawing upon vast multifamily experience and connections, the firm was able to acquire the highly desirable Bluffs portfolio—located within a supply-constrained submarket with tremendous opportunity for growth—at a below-market price, explains Max Sharkansky, Managing Partner at Trion Properties.

“The acquisition of these communities with its coveted Southside Savannah location within the economic heart of southeast Georgia, was truly a collaborative process where we were able to leverage our team’s strong broker relationships and negotiation skills to secure these properties,” says Sharkansky.

Nelson Abels

He adds that the submarket is poised for future growth as the nearby Port of Savannah will see $9 billion of planned investment completed within the next three years.

 Further, Hyundai recently announced the construction of a $6 billion electric car and battery factory, which will enhance both the impact of the port and the overall job growth in the market.

“Savannah is one of the fastest growing rental markets in the nation, with 20% year-over-year rental increases,” explains Sharkansky. 

Harrison Cheeley

“Population growth is being driven in part at the macro level by the ongoing influx of migration to the Southeast from other regions of the country, and at the micro level by impressive ongoing and expected future job growth in Savannah.

"Southside in particular is forecasted to grow at an even faster rate relative to the metro as a whole over the next few years, as it continues to offer a respite to pricing in submarkets with a higher cost of living, while still providing convenient access to employment and amenities.”

Marley Dominguez

Marley Dominguez, Director of Acquisitions at Trion Properties, adds that the previous ownership invested nearly $4.8 million in renovations across both properties, allowing the Trion team to focus its value-add strategy on refined upgrades and market-leading finished that will further bolster rent growth.

“These communities present an opportunity to update unrenovated interiors and draw upon our market knowledge to further enhance curb appeal for today’s residents,” continues Dominguez.

“Exterior upgrades will include fresh landscaping, parking lot renovations, pool deck redesign, signage upgrades, BBQ areas, a dog park, and various deferred interest items.”

Contacts:

Elisabeth Manville / Hanna Kokuashvili

The Smart Agency

(949) 438-6262

hkokuashvili@thesmartagency.com

https://trionproperties.com/.