
Private real estate equity firm Trion Properties, based in West Hollywood, California, and Miami, has closed its second multifamily fund at over $28 million with a pool of 215 diverse investors. Trion Multifamily Opportunity Fund II is allocated across value-add and opportunistic multifamily investments within submarkets with strong growth fundamentals.
“While we could not have anticipated the unprecedented events of this past year, we’ve always targeted locations that we believe, based on historic performance and current fundamentals, will thrive through up and down markets,” said managing partner Max Sharkansky. “Ultimately, our investment strategy proved resilient, and we were well positioned to take advantage of several opportunities over the last several months.”
Trion’s portfolio includes more than $550 million in assets, which have generated an average internal rate of return in excess of 30%, according to Sharkansky.
“Our focus remains on acquiring underperforming multifamily communities in supply-constrained markets while driving up value through strategic renovations, rebranding, and a hands-on management approach,” he added. “As an experienced owner and operator, we continue to recognize new markets and avenues that offer significant potential for return on investment.”
Over the approximately two-year investment period, Trion acquired 12 multifamily communities, including its first property in the Colorado market—the 288-unit View Apartments in Northglenn, a Denver suburb.
“All properties purchased with Fund II are meeting or exceeding projections, speaking to the strength of our expertise with this product type and benefits of our in-house acquisition, project management, property management, debt sourcing, and construction teams,” said managing partner Mitch Paskover.
During this time, the firm also expanded into the ground-up development space in Los Angeles. While Trion specializes in value-add multifamily opportunities, it also has been bullish on developing multifamily properties in Los Angeles due to the housing shortage and increased demand, according to the firm.
Historically focused on the West Coast, Trion recently established a second office in Miami to aid its expansion in the Southeast, where the firm plans to target acquisitions throughout Central and South Florida, Atlanta, and the Carolinas.