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September 26, 2018
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Trion Properties Buys 156 Res Units in Tigard, OR

7/02/18

Trion Properties has acquired Pacific Crest Apartments, a 156-unit multifamily community in the Portland submarket of Tigard, OR, for $28 mil ($180k/uit). This is Trion’s tenth acquisition in the greater Portland area in just over three years, bringing the firm’s multifamily portfolio in the region to nearly 700 units.

Pacific Crest Apartments, which was originally built in 1974, is located at 10695 SW Murdock St in Tigard, Oregon. It is situated adjacent to Maple Tree Apartments, a multifamily community that Trion Properties acquired earlier this year.

Pacific Crest Apartments offers studio, one-, two-, and three-bedroom floorplans with in-demand features, including state-of-the-art washer and dryers in all units. The units are scheduled to undergo light value-add renovations, including the installation of new quartz countertops, stainless steel appliances, new cabinets, new vinyl floors, and Kevo door locks.

The community was purchased from a private seller. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in this transaction. Continental Partners arranged an $18.37 mil loan at a starting rate of 3.89% to finance the acquisition.

“We remain focused on the Portland metropolitan area due to its long-term growth and the establishment of several major employers in the region, which has gained a reputation as the ‘Silicon Forest,” said Max Sharkansky, Managing Partner of Trion Properties. “Tigard in particular continues to be one of the strongest performing markets in the greater Portland area, with Washington County having the highest median household income in the state. The city’s solid economic fundamentals and high quality of life are driving resident demand for housing in this market, resulting in long-term growth potential for multifamily investments.”

The asset is ideally-located to offer those employed by major area firms including Nike, Intel, Kaiser Permanente, and businesses located in the Tigard Industrial District, the ease of convenient work commutes through its close proximity to Pacific Highway West and 217 Highway Corridor, notes Sharkansky.






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