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12/07/17
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Trion Properties has acquired Hallwood Apartments, a 76-unit apartment community in the Portland, OR submarket of Beaverton, for $12.25 mil ($161k/unit). The acquisition comes on the heels of the firm’s acquisition of Bel Aire Court earlier this year, bringing its total holdings in the region to more than 358 units
Located at 7535 SW Hall Blvd, Hallwood Apartments is within one mile of Bel Aire Court and 2.5 miles from Hidden Villas, which Trion acquired in July 2017 and October 2016, respectively. The location is in-line with Trion’s strategy of acquiring along the 217 Fwy, which many residents use to commute to work throughout the Portland metro.
Constructed in 1986, the garden-style community is comprised of spacious one- and two-bedroom units. It has been well-maintained by the seller and features several in-demand amenities including washers and dryers in each unit, a swimming pool, ample covered parking, and an on-site leasing office.
“We have been extremely bullish on the Portland Metro for the last few years, especially the Beaverton submarket, based on its exceptionally strong fundamentals and future value potential,” said Max Sharkansky, Managing Partner of Trion Properties. “This is our third acquisition in the city, which is located just a few miles west of Downtown Portland and poised for explosive growth. In fact, Beaverton is in Washington County, which is projected to see a population increase of 42 percent over the next 20 years.”
In addition to its close proximity to Portland’s urban core, the asset is located near the Portland area’s “Silicon Forest,” the industrial corridor between Beaverton and Hillsboro which houses tech giants including Yahoo!, Intel, Salesforce, and Oracle. The property also offers residents a short commute to Nike’s headquarters in Beaverton, which is currently undergoing a supersized expansion msf of space, notes Sharkansky.
At full occupancy, Hallwood Apartments benefits from immediate positive cash flow, which mitigates any downside risk. Trion plans to implement capital renovations to tastefully modernize and upgrade both the exterior and interior of the property to further enhance its appeal for tenants looking for value alternatives to Portland’s urban core.
Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate Inc represented both parties in the off-market transaction. Acquisition financing was arranged by Los Angeles-based mortgage banking firm Continental Partners.
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