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4/24/18
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Trion Properties has acquired three multifamily assets totaling 174 units in Portland, OR submarkets. The properties, located in Beaverton and Tigard, had a combined price of $24.2 mil.
The properties include a portfolio of two multifamily communities, Menlo Square Apartments and Center Square Apartments, totaling 103 units in Beaverton. Also part of the purchase was Maple Tree Apartments, a 71-unit multifamily community in neighboring Tigard.
The acquisition of these communities brings Trion’s holdings in the greater Portland area to nine properties totaling more than 530 units, as the firm continues to focus on the region due to its standout economic growth, according to Mitch Paskover, Managing Partner of Trion Properties.
“Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers,” explains Paskover. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area.”
The Beaverton acquisition consists of a portfolio of two properties totaling 103 units -- Center Square Apartments and Menlo Square Apartments. Both properties are within three miles of the Nike World Headquarters, which is currently undergoing an expansion that is estimated to have a total project cost of approximately $1 bil, and is expected to be completed this year. In addition to their close proximity to Nike and other major employers in the city, these properties also offer residents convenient commutes to Downtown Portland to the East and Hillsboro to the West.
Center Square Apartments is a 62-unit garden-style multifamily property that features a variety of spacious one, two, and three-bedroom floorplans. The asset is located within a half-mile of Cedar Hill Crossing, Beaverton’s largest retail center, which is currently undergoing a $70 mil redevelopment into a lifestyle center. The property also sits just a quarter-mile from Beaverton Transit Center, which provides connections to Portland Metro’s MAX Light Rail and the WES Commuter Rail.
“This property presented a unique opportunity to acquire a well-maintained, exceptionally-located asset with significant upside and growth potential,” explains Paskover. “The community is in short walking distance of a MAX Light Rail station, which provides prime access to employers throughout the region.”
Trion Properties plans to complete strategic value-add upgrades to modernize the features of all of the property’s 62 units, including a full renovation of the unit interiors and upgrade to quartz countertops, stainless steel appliances, vinyl plank flooring and other modern finishes, in addition to installing washers and dryers in each unit. The property also offers competitive amenities including personal patios in every unit, a seasonal outdoor pool, and natural landscaping.
The community, which was built in 1972, is located at 12310 SW Center Street in Beaverton. It was acquired from a private seller for $8.5 mil. Continental Partners arranged a $7.7 mil loan to finance the acquisition.
Located less than two miles from Center Square Apartments, Menlo Square Apartments is a 41-unit garden-style complex that consists of spacious two-bedroom townhomes and three-bedroom flats.
“Menlo Square Apartments is a well-maintained asset that offers in-place cash flow and an immediate upside with a light value-add program,” says Paskover. “The property was a rare find due to its spacious unit design.”
The property’s in-unit amenities include central air conditioning, washer and dryer hookups, and private enclosed patios. Renovations will include fresh paint, and replacing flooring and window blinds within the property. Driven by Beaverton’s growing family-friendly appeal and excellent school district, there is also significant opportunity in converting the dining room in nine of the two-bedroom into a third bedroom.
Menlo Square offers close proximity to Beaverton Town Square and Washington Square Mall, Oregon’s largest regional mall, as well as the OR-217 freeway, which provides ease of access throughout the Portland Metro area.
The property is located at 5930 SW Menlo Drive in Beaverton, and was constructed in 1977. It was acquired from a private seller for $5.7 mil. Continental Partners arranged a $4.8 mil fixed-rate loan to finance the acquisition. Cody Hagerman and Tyler Johnson of HFO represented both the buyer and seller of both Menlo Square Apartments and Center Square Apartments in this portfolio transaction.
Trion Properties recently acquired Maple Tree Apartments, a 71-unit multifamily property in the high-growth Portland submarket of Tigard, in an off-market transaction. The property features of one-, two-, and three-bedroom oversized floorplans.
“Solid economic drivers have created excellent fundamentals, making Tigard one of the strongest performing markets in the Portland Metro area,” says Paskover. “The city has experienced strong economic growth and has one of the highest per capita incomes in the state.”
According to Paskover, Maple Tree Apartments offers a unique appeal due to its surrounding rural greenery and location near a major thoroughfare. The high-quality asset provides Trion with excellent in-place cashflow, in addition to a clear upside through lease-up and light renovations.
The property will offer those employed by Nike, Intel, Kaiser, and other major Portland-area employers the ease of short work commutes through its close proximity to Pacific Highway West, notes Paskover. The community is scheduled to undergo light value-add renovations, including refreshing the building’s façade with modern landscaping, upgrading the balconies, adding modern finishes to the community interiors and common areas, and installing washers and dryers in all units.
Maple Tree Apartments, which was originally developed in 1974, is located at 10890 SW Canterbury Lane in Tigard. It was purchased from a private seller for $10.1 mil. Continental Partners arranged a $8.1 mil loan to finance the acquisition. Liz Tilbury and Ben Murphy represented both the buyer and seller for this transaction.
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