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September 29, 2022
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Trion Properties and Tokyu Land US Corporation Wrap Up $99 Mil Recapitalization of Portland Multifamily Portfolio

9/01/22

Trion Properties has recapitalized a multifamily portfolio in the Portland greater metropolitan area in partnership with Tokyu Land US Corporation (“TLUS”). Assembled between 2018 and 2019, the portfolio consists of two multifamily communities, comprising a total of 373 units. The equity partnership formed between TLUS and Trion has executed a total of $99.2 mil in recapitalization across the portfolio.

The properties include Hudson Tigard Apartments (consisting of Hudson North and Hudson South), a 227-unit community located in Tigard, OR, and Aster Parc Apartments and Townhomes, a 146-unit community located in Aloha neighborhood of Beaverton, OR. Trion implemented strategic upgrades, executed rebranding, and utilized its vertically integrated property management platform to improve operations in order to increase value since purchasing the assets in 2018 and 2019.

According to Max Sharkansky, Managing Partner at Trion Properties, the firm began acquiring value-add multifamily properties in the Portland area in 2016, identifying an opportunity to deliver high-quality renovated product that would appeal in part to new area residents drawn to the region’s growing job market.

Aster Parc Apartments and Townhomes, which was acquired by Trion Properties in two phases in 2018 and 2019 for a total of $20.4 mil, was recently recapitalized for approximately $40 mil. This recapitalization involves a new $24 mil loan secured through Pacific Premier Bank, and an equity partnership formed between Trion and Tokyu Land US Corporation, notes Sharkansky.

Aster Parc Apartments and Townhomes, located at 18745 SW Farmington Rd in Beaverton, is situated on over five acres of land, offering residents a park-like setting. Residents also benefit from immediate access to Highway 8, a regional arterial that connects the Aloha neighborhood to the city of Beaverton and the greater metro area.

The Hudson North Apartments and Hudson South Apartments were acquired separately by Trion in 2018 for $38.1 mil, respectively. The properties were recently recapitalized for a total of $59.2 mil, with a new loan amount of $39.414 mil, secured through Freddie Mac and serviced by Walker and Dunlap.

Since acquiring the properties in 2018, Trion has implemented a total of approximately $6 mil in capital improvements in efforts to provide high-quality product to the diverse and well-educated submarket of Tigard, significantly increasing the value of the assets. The ongoing improvements strategy will focus on high-end interior upgrades and modern finishes, with a complete oversight of on-site property management and operations.

The Hudson Tigard Apartments are conveniently situated near freeways, shopping, restaurants, and schools, providing residents quick access to downtown Portland and Hillsboro. Hudson North Apartments are located at 10890 SW Canterbury Lane and Hudson South Apartments are located at 10695 SW Murdock St, both in Tigard.




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