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SAN DIEGO NEWS
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Trion Properties Completes Repositioning of San Diego Multfamily Community

1/24/17

Trion Properties has repositioned and rebranded Willow Glen, a 98-unit apartment community in San Diego the company acquired in June 2015. Willow Glen is located at 3635 College Ave, in the rapidly growing College Area submarket of San Diego.

The company was able to obtain Willow Glen at an extremely low-cost basis with strong upside potential, presenting an opportunity to drive significant value for the asset through extensive renovations. The asset, which was purchased for $9.6 mil, is now worth $19.4 mil, more than doubling its value in 18 months, according to Trion Managing Partner Max Sharkansky.

Trion invested approximately $2.6 mil in renovations, including the installation of quartz countertops, stainless steel appliances, and new cabinetry in each of the units. Exterior upgrades included a complete revamping of the façade with new paint, as well as the integration of drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property.

“San Diego remains one of the most desirable markets for multifamily investments,” says Sharkansky. “The limited supply of multifamily product, coupled with the growing demand for quality housing near major schools and employers, is placing upward pressure on rents throughout the region.” Sharkansky notes that this property was acquired in the one of the lowest price per unit multifamily sales in San Diego that year, allowing Trion to invest more equity in its redevelopment.

Continental Partners, a Los Angeles-based mortgage banking firm led by Mitch Paskover, secured a $12.85 mil loan from Banc of California on behalf of Trion Properties to refinance the asset. The five year-loan was structured with a loan-to-value of 67% and an amortization of 30 years.






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