Done Deals: Trion acquires 160-unit community in Savannah, GA submarket for $$38 million

Thursday, October 13, 2022

Trion acquires 160-unit community in Savannah, GA submarket for $$38 million

David Moghavem

· POOLER, GA – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has announced two key strategic initiatives to bolster the firm’s growth in the Southeast.

They are Pooler Station, a 160-unit multifamily community located at 100 Oglethorpe Drive in the Pooler submarket of Savannah, Georgia for $38.45 million, and the promotion of industry veteran David Moghavem to Director of East Coast Acquisitions.

Moghavem previously served with Trion as Director of Acquisitions in Colorado and will now command the new position of Director of East Coast Acquisitions.

“This is a pivotal moment in our industry,” says Max Sharkansky, Managing Partner of Trion Properties.

“Despite the climate of growing economic skepticism, we recognize the opportunity at hand to capitalize in the Southeast and continue to aggressively seek value-add assets in this environment.

Max Sharkansky

"Simultaneously, as a testament to Trion’s depth of experience and innovative team, we hold great value in the strong leaders within our firm who play a critical role as we continue to expand and achieve results on behalf of our investors, tenants, and the greater community.”

Constructed in several phases between 2009 and 2016, Pooler Station comprises 22 two- to three-story wood-framed buildings containing 160 two- and three-bedroom apartment units averaging 1,067 square feet.

Trion was able to acquire Pooler Station through an off-market transaction with a repeat private seller, with whom the firm had recently transacted, and secure a below-market purchase price of $38.45 million by leveraging extensive personal networks within the region, notes Sharkansky.

Pooler Station, a 160-unit multifamily community
located at 100 Oglethorpe Drive in the
Pooler submarket of Savannah, GA

"We were able to leverage this connection and close the deal off-market to everyone’s satisfaction. It was a win-win situation for both parties, and the property serves as a strategic addition to our Georgia portfolio.”

Along with Pooler Station, Trion currently owns the 297-unit The Bluffs Portfolio in Savannah, which consists of Osprey on The Bluffs and Heron on the Bluffs, two multifamily properties located less than one mile apart in the Southside Savannah submarket; and the recently acquired Azure at Riverside, a 267-unit multifamily community in the Atlanta submarket of Austell, Georgia.