Dealmaker: Trion Properties Acquires Two Multifamily Properties for $39M

Trion Properties, Los Angeles, acquired two Portland, Ore.-area apartment communities for $38.5 million.

In Tigard, Ore., the private equity real estate firm that specializes in value-add multifamily investments acquired 156-unit Pacific Crest Apartments for $28 million. The purchase was Trion’s tenth acquisition in greater Portland in just over three years, said Trion Properties Managing Partner Max Sharkansky.

“We remain focused on the Portland metropolitan area due to its long-term growth and the establishment of several major employers in the region, which has gained a reputation as the ‘Silicon Forest,'” Sharkansky said. “Tigard in particular continues to be one of the strongest performing markets in the greater Portland area, with Washington County having the highest median household income in the state. The city’s solid economic fundamentals and high quality of life are driving resident demand for housing in this market, resulting in long-term growth potential for multifamily investments.”

Trion acquired the community from a private seller. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in this transaction. Continental Partners arranged an $18.3 million loan at a 3.89 percent starting rate to finance the acquisition.

“We continue to see indicators of long-term growth of Tigard,” explains Sharkansky. “In addition to the local school district’s recent upgrades, the projected Southwest Corridor Plan will provide road, trail, sidewalk and bus improvements for additional commute options. These improvements will further drive potential resident interest, making this an ideal time to pursue multifamily investment in this community.”

Built in 1974, Pacific Crest Apartments sits next to Maple Tree Apartments, which Trion Properties acquired earlier this year.

Trion Properties also acquired 84-unit Springbrook Gardens in Aloha, Ore. in a $10.5 million off-market transaction.

“The acquisition of Springbrook Gardens is in line with our strategy to acquire well-located communities in Portland submarkets demonstrating strong growth fundamentals,” Sharkansky said, noting his firm is “particularly bullish” on Washington County.

The property is located between two employment centers, Hillsboro and Beaverton, two miles from Intel’s Aloha Campus, which currently employs more than 20,000 people.