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10/06/15
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LA-based Trion Properties has acquired Spring Garden, a 44-unit apartment community in Portland, OR, for $4.45 mil ($101.1k/unit). The property is located at 2222 SW Spring Garden St, just south of Multnomah Blvd and adjacent to I-5.
The 44-unit mid-rise multifamily asset was developed in 1967 and offers tenants a unique amenity package including a pool, sauna, indoor sports court, and fitness center. In addition, the units offer open floor plans, allowing abundant natural light and views of Mount Hood in select units.
Trion’s plan is to implement a comprehensive renovation program which includes improvements to the property’s common areas, amenities and updates to the interiors of the units. The upgrades will aide in moving rents to market levels while Trion also implements cost effective and efficient control systems to lower the property’s operating costs.
The transaction was brokered by Clay Newton and Jordan Matthews of Kidder Matthews, who represented both the buyer and seller. The acquisition was financed by a senior loan of 75% loan to value with a 3.02% interest rate that was arranged by Mitch Paskover from Continental Funding.
Spring Garden is the second acquisition for Trion Properties in Portland within only three months.
Commenting on this transaction, Farhan Mahmood, Trion's Director of Acquisitions, said, “We fundamentally believe in Portland because the area is seeing robust population and job growth supported by the city’s excellent infrastructure, which is leading to unprecedented rental demand. Trion Properties plans to create high quality renovated housing that will appeal to today’s modern Portland renter. We are aggressively pursuing opportunities to grow our portfolio in the market.”
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