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| Max Sharkansky |
The property was sold to FPA Multifamily at a return rate of 36.98%, producing a 1.80 equity multiple, after only a two-year hold, according to Max Sharkansky, managing partner of Trion Properties.
“We identified an opportunity to purchase the property in the brief multifamily downturn during the pandemic, when it was underwritten fairly conservatively, and capitalized on the right moment to sell when the market is recovering and there are few assets of this type on the sale block,” Sharkansky said.
Trion has owned and managed 22 properties in the Greater Portland area since 2015 and presently owns 13 assets in this region. With job growth in the metro at 5.3% during Q3 2022, outpacing the national figure of 3.8%, the market is on an upward trajectory that bodes well for the multifamily sector in the foreseeable future, notes Sharkansky.
Built in 1968, Fox Meadows comprises two adjacent properties that Trion combined and managed as one property upon acquisition in 2020.
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| SOLD: Fox Meadows, a 95-unit multifamily community located in the Portland submarket of Tualatin, OR |
Located less than a mile from Downtown Tualatin, Tualatin WES
Metro Station, Tualatin Community Park, and Nyberg Rivers Shopping Center, the
community is conveniently situated in a highly regarded school district, close
to transportation, employment centers, state-of-the-art medical facilities, and
daily-needs retail.
“Fox Meadows is situated in an exceptional location in Tualatin, an affluent submarket where homeownership has become increasingly less affordable and the decline of housing affordability is more extreme than in Washington County overall,” says Farhan Mahmood, Partner and Head of West Coast Acquisitions at Trion Properties.
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| Farhan Mahmood |
“Along with its strong cash flow, these features made the property extremely attractive to us initially and positions the buyer for ongoing strong returns.”
Tyler Linn, Jordan Carter, and Clay Newton of Kidder
Mathews represented both Trion and the buyer in the sales transaction.
Tyler Linn
Fox Meadows is located at 19605 SW Boones Ferry Road, Tualatin,
Oregon.
Contacts:
Hanna Kokuashvili / Elisabeth Manville
The Smart Agency
(949) 438-6262