Trion Properties achieved a record year of acquisition volume in 2021, nearly doubling its multifamily portfolio size to surpass $1 billion in assets under management.
The private equity real estate firm, which specializes in multifamily investment, acquired 10 properties with 2,659 units and a total acquisition volume of $537 million. Its 2021 activity brings its portfolio total to more than 4,300 units in six states.
“This has been a tremendous year of growth, in which we’ve been able to remain nimble to adapt and seamlessly navigate the unique challenges presented in 2020 in order to seize new opportunities created,” said managing partner Max Sharkansky. “Drawing upon a proven track record, far-reaching industry relationships, and deep experience in multifamily investment, renovations, and management, we’ve been able to successfully translate and execute our value-add strategy to new markets, leading to exponential growth.”
The landmark year for the firm also included the launch of its third multifamily opportunity fund as well as geographic expansion. While being based in in West Hollywood, California, and historically focused on the West Coast, it established an office in Miami Beach, Florida, to expand its reach into a region with strong multifamily demand.
“In 2021, we established a second headquarters in Miami and are rapidly building a strong team of professionals who are aligned with our mission and bring invaluable regional experience,” said Sharkansky. “Our in-house acquisition, project management, property management, debt sourcing, and construction capabilities have been key to our multifamily investment success in California, Colorado, Oregon, and now the Southeast, which ultimately delivers a competitive advantage for our investors and a higher quality of life for our residents.”
Trion Properties ended 2021 with the acquisition of two multifamily communities for $39.1 million in Beaverton, Oregon, a submarket in the Portland metro, where the firm has owned and managed 18 assets since 2015.
“Trion’s extensive knowledge and experience in Beaverton combined with incredible market fundamentals make this portfolio an excellent investment opportunity,” said managing director Farhan Mahmood. “Portland offers residents a high quality of life, recreation activities, accessibility to major employers, and an abundance of retail offerings—all of which fuel strong, stable rental demand. By acquiring these two communities with strong upside potential, we will be able to make strategic upgrades that will help drive long-term resident interest.”
The acquisitions include Brookshire Meadows, a 128-unit garden-style community, and Camellia Park, a 58-unit garden-style community.
Built in 1980, Brookshire Meadows features open floor plans with dedicated dining areas, private decks or patios, and wood-burning fireplaces in upper-floor apartments. The community is located within a mile of job and entertainment centers as well as transit options. Amenities include an outdoor pool, a fitness center, a sports court, and laundry centers.
Trion Properties plans to make extensive interior upgrades as well as exterior improvements to increase the value of the asset.
Built in 1969, Camellia Park is comprised of one-, two-, and three-bedroom units with a deck or balcony. According to the firm, it plans to make value-add enhancements to the interiors as well as modernize the amenities to increase the livability of the property and the return for investors.