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Trion Properties Adds 84-Unit Bay Area Multifamily Asset to Its Apartment Portfolio

11/21/19

Trion Properties has expanded its Bay Area portfolio with the acquisition of The Meadows, an 84-unit multifamily community located in Newark, for $27.5 mil ($327k/unit). The Meadows, located at 35750 Bettencourt St, features a mixture of one-, two- and three-bedroom units, all with private patios or balconies and walk-in closets.

The property, built in 1966, will undergo extensive renovations and a rebranding. Trion will makeover units with stainless steel appliances, quartz countertops, vinyl plank flooring, new cabinetry, Bluetooth locks, upgraded bathroom vanities, and in-unit washers and dryers. Exterior upgrades will include landscaping and new signage to reflect the rebranding.

A number of major firms, such as Facebook, Tesla, Amazon, HP, Sysco, Boston Scientific, Logitech and others, have offices in the immediate neighborhood. South East Bay cities, such as Newark, have benefited from a Silicon Valley spillover, and the region is experiencing unprecedented population growth and employment boom, according to Max Sharkansky, Managing Partner at Trion Properties.

The Newark Community Center Park and Lakeshore Park are easily accessible to the property and offer walking trails, picnic areas, and tennis courts for public use. Further, The Meadows is located within a 15-minute walk of a Sprouts, plus several other local retailers and restaurants.

“Newark has become one of the fastest-growing cities for top tech businesses to either expand or relocate,” explains Sharkansky. “With Facebook recently announcing that it will be leasing nearly 1.5 msf within two miles of The Meadows, the area is positioned for further growth and resident demand. The asset fits into our investment strategy seamlessly, based on the strong location and potential for upgrades to enhance the quality of this product.”





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