Trion Properties is strengthening its hold in the Denver metro area with the acquisition of a 418-unit multifamily community. The private equity real estate firm, based in West Hollywood, California, and Miami, and equity partner PCCP, an investment manager, purchased Loft 9 Apartments in Denver for $82.5 million.
The acquisition more than doubles Trion Properties’ holdings in the metro, bringing its portfolio to over 700 units since entering the market in 2020 and over 1,100 units in Colorado.
“This was an exceptional opportunity to acquire a well-located community off market, which we were able to secure based on our established broker relationships and a unique situation that presented itself,” said Max Sharkansky, managing partner at Trion Properties. “We were initially drawn to Denver due in large part to the region’s strong employment market. It is gaining a reputation nationally as a top tech hub and seeing the expansion of many major employers, including Amazon, which is planning to add 2,700 jobs in Denver.”
Loft 9 is close in proximity to several employers and is within a 10-minute drive of the Southeast Business Corridor, which includes the Denver Tech Center as well as to several Fortune 500 headquarters.
The multifamily community includes five buildings and features spacious one- and two-bedroom units. Amenities include a resort-style pool, a state-of-the-art fitness center, a business center, a resident clubhouse, a resurfaced sports court, and upgraded outdoor areas.
Trion Properties will continue the previous owner’s renovation strategy and will improve operational efficiencies by drawing on strategic local relationships, including bringing on Echelon Property Group to take over the property management.
“Our ability to purchase this asset on a very attractive basis, well below replacement cost, represents an increasingly rare opportunity amid rising construction costs and supply constraints,” said David Moghavem, director of acquisitions at Trion Properties. “The asset, which was constructed in 1974, provides the potential for significant upside through fresh branding, addressing deferred maintenance, and continuing the previous ownership’s proven renovation strategy, which will bolster the community’s appeal through unit interior upgrades such as the addition of modern kitchen appliances, vinyl plank flooring, new countertops, and new lighting packages.”
