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August 21, 2018
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Trion Properties Completes Fifth Portland Area Res Buy so Far this Year

7/30/18

Trion Properties has just closed on its fifth acquisition in the Portland area so far this year, with the $10.5 mil purchase of Springbrook Gardens, an 84-unit multifamily property in Aloha, OR. Springbrook Gardens, located at 6300 Southwest 188th Ct, was purchased from a private seller in an off-market transaction.

Springbrook Gardens was constructed in 1971 and offers spacious one- and two-bedroom floorplans. The community is comprised of 21 fourplex buildings situated on a beautifully landscaped 5.67 acres, providing residents with a park-like setting. The property is within a five-minute drive of several parks, including the Jenkins Estate and Cooper Mountain Nature Park.

The property is centrally located between Hillsboro and Beaverton, two of the main job centers in the state of Oregon, and is just two miles from Intel’s Aloha Campus, which currently employs over 20,000 people. Springbrook Gardens is also situated within four miles of both Tektronix, which employs over 5,000 people, and the Nike World Headquarters, which is currently undergoing a 3.2 msf expansion estimated at nearly $1 bil.

The apartment community is also located near Portland State University and Cedar Hills Crossing, an expansive retail center which is currently undergoing a five-phase, $70 mil redevelopment, totaling 300k sf of retail, which is set to be completed later this year.

Trion Properties plans to complete strategic value-add renovations to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as updates to exterior landscaping and outdoor amenities.

This is Trion’s eleventh acquisition in the greater Portland area in just over three years, making the firm the most active buyer in the market based on number of transactions, according to Max Sharkansky, Managing Partner of Trion Properties.

“The acquisition of Springbrook Gardens is perfectly in line with our strategy to acquire well-located communities in Portland submarkets demonstrating strong growth fundamentals,” says Sharkansky. “We have been particularly bullish on Washington County, which boasts the highest median income in the state of Oregon and has seen an ongoing influx and expansion of several major employers.”

The asset’s location off of major thoroughfare Farmington Road and in close proximity to 217 Highway Corridor, also known as the ‘Silicon Forest,’ offers residents convenient commutes to several local employers as well as Downtown Portland, notes Sharkansky.

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate Inc represented both the buyer and the seller in this transaction. Continental Partners arranged a $5.4 mil loan at a starting rate of 3.72% to finance the acquisition.




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