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10/13/20
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Trion Properties, in a joint venture partner with AMC Investments, has acquired Hood Apartments, a brand-new, 64-unit multifamily community in the Portland area city of Gresham, for $12 mil ($187.5k/unit). The property sits on 2.8 acres of land at 1833 SE 6th St.
Hood Apartments features spacious one- and two-bedroom apartment homes and is adjacent to a number of restaurant and retailers. It is located just minutes from Oregon’s iconic Mount Hood, Multnomah Falls and the Columbia River Gorge National Scenic Area, offering residents some of the best scenic views in the Portland area.
The property is also less than one mile from the MAX Light Rail Blue Line, which conveniently connects Gresham to Hillsboro and Beaverton. Legacy Mount Hood Medical Center and Mount Hood Community College are within a short two miles of the property as well.
Jordan Carter, Tyler Linn, Clay Newton and John DeJager of Kidder Matthews represented Trion Properties in this transaction. The asset was vacant upon closing and Trion Properties closed 14 days after the property received certificate of occupancy. Continental Partners sourced the acquisition loan based on pro-forma due to the vacancy of the building.
This acquisition brings Trion’s holdings in the region to eight properties totaling 675 units. Hood Apartments is the firm’s first purchase in the city of Gresham, the fourth largest city in the state, according to Max Sharkansky, Managing Partner at Trion Properties.
Gresham has continued to attract numerous big companies with its special property tax incentive programs. The city’s Enterprise Zone program has facilitated extreme growth through its public and private partnership which provides a three-to-five-year abatement on new investments, in exchange for meeting job creation and other business requirements.
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