 |
| Liz Tilbury |
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 |
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
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