Friday, October 7, 2022

Trion Properties sells 76-unit multifamily community in Greater Portland, OR metropolitan area for $21.5 million after acquiring the property in 2017 for $12.5 million

 

Liz Tilbury

BEAVERTON, OR Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has sold The Hallwood Apartments, a multifamily community totaling 76 units at 7535 SW Hall Boulevard in the Beaverton submarket of Portland, Oregon, for $21.5 million.

Trion had originally acquired the property in 2017 from a private seller in an off-market transaction for $12.5 million.

Liz Tilbury at Tilbury Ferguson Investment Real Estate, Inc. represented both Trion and the private buyer in the sales transaction.

The disposition demonstrates the firm’s ability to add significant value to real estate assets as well as the strength of the Greater Portland market, according to Max Sharkansky, Managing Partner of Trion Properties.


Max Sharkansky

“Our firm has an extensive track record of purchasing apartment assets and implementing changes that make sense for each property in its respective market,” says Sharkansky.

 “This strategy dramatically improves the properties’ appeal to tenants and investors and ultimately drives valuation.

"We have seen this approach succeed time and again for us in the Portland area, due to the population’s attraction to the metro’s suburbs and the region’s potential to generate positive cash flow for multifamily owners.”

Farhan Mahmood


Since Trion made its debut in the Greater Portland market in 2015, the firm has witnessed notable resident migration toward lower-density suburbs like Beaverton, which offer a high quality of life as well as continued development and job growth.

The firm has owned and managed 22 properties in the metro, including nine in Beaverton’s Washington County, enabling the company to deepen its expertise as a major player in the region, notes Farhan Mahmood, Partner and Director of Acquisitions at Trion Properties.

Hallwood Apartments, a multifamily
community totaling 76 units
at 7535 SW Hall Boulevard
in the Beaverton submarket
of Portland, Oregon

“As multifamily absorption rates rise in the Portland CBD, we are observing increasing leasing activity in nearby submarkets including Beaverton, which is seeing apartment vacancy rates below 2% in some areas,” says Mahmood. 

Portland suburbs like Beaverton have done a good job evolving, extending transit, attracting nightlife, and persuading businesses to open office—encouraging the trend of people choosing the suburbs over the city to continue.

"This fundamental, along with Portland’s Urban Growth Boundary, which limits future developments to high-density construction, supports our continued investment in this region for its growth potential and propensity to attract residents and companies alike.

Kitchen  area, Hallwood Apartments,
 Portland, OR metro area

In fact, Beaverton is known as ‘The Silicon Forest’ due to its cluster of prominent technology companies including Intel, Genentech, and Apple.”

The increasing concentration of tech companies in the area has helped drive year-over-year multifamily rental growth in Portland of 13.4% in Q2, and CoStar is predicting Beaverton apartment rents to grow by 25.3% by 2026, far surpassing the historical average for this submarket, Mahmood adds.

Constructed in 1986, The Hallwood Apartments is a garden-style community comprising spacious one- and two-bedroom units. The property, which features washers and dryers, a swimming pool, ample covered parking, and an on-site leasing office, aligns with Trion’s proven strategy of investing along the 217 freeway, providing convenient access to the metro’s employers as well as numerous shopping and dining options.

.

“The capital improvements we completed at The Hallwood Apartments substantially increased buyer interest in the property, enabling us to sell it for a markedly higher amount than our purchase price five years earlier,” says Sharkansky.

 CONTACTS:

Hanna Kokuashvili / Elisabeth Manville

The Smart Agency

(949) 438-6262

hkokuashvili@thesmartagency.com

https://trionproperties.com/.   

 

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