Dealmaker: Trion Properties Acquires Three Multifamily Assets for $24M

Trion Properties, Los Angeles, acquired three multifamily assets totaling 174 units in the Portland, Ore., area for $24.3 million.

The private equity firm specializes in west coast value-add multifamily investments.

Continental Partners, Los Angeles, arranged $20.6 million to finance the acquisitions, which included a two-property portfolio, Menlo Square Apartments and Center Square Apartments in Beaverton, Ore., as well as Maple Tree Apartments in neighboring Tigard, Ore.

Trion Properties Managing Partner Mitch Paskover said demand for multifamily outpaces supply throughout the Portland area due to strong economic drivers. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily as more employers are relocating and expanding in the area,” he said.

Center Square Apartments and Menlo Square Apartments total 103 units. Center Square Apartments is located within a half mile of Beaverton’s largest retail center, Cedar Hill Crossing, and a quarter mile from Beaverton Transit Center. Trion acquired the property from a private seller for $8.5 million. Continental Partners arranged a $7.7 million loan for the property.

Located less than two miles from Center Square, Menlo Square Apartments is a 41-unit garden-style community constructed in 1977. Trion paid $5.7 million for the asset and received a $4.8 million fixed-rate loan.

HFO Investment Real Estate Partners Cody Hagerman and Tyler Johnson represented both buyer and seller of both Menlo Square Apartments and Center Square Apartments.

“Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton,” Paskover said. “Both properties are within three miles of the Nike world headquarters, which is currently undergoing an expansion that is expected to be completed this year.”

Trion also acquired Maple Tree Apartments, a 71-unit property in high-growth Portland submarket Tigard for $10.1 million in an off-market transaction. Continental Partners arranged a $8.1 million loan secured by the property.

“Solid economic drivers have created excellent fundamentals, making Tigard one of the strongest performing markets in the Portland Metro area,” Paskover said. “The city has experienced strong economic growth and has one of the highest per capita incomes in the state.”