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8/04/23
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Trion Properties has acquired Trailpoint on Highline, a 198-unit multifamily asset in Aurora, CO, for $41.1 mil ($209k/unit). According to Trion, their all-in basis is only $231k per unit, compared to the submarket average in the $250k-$290k per unit range.
Trailpoint on Highline is conveniently located at 10756 East Virginia Ave, on the southwestern edge of Aurora in the highly desirable Cherry Creek School District. The Denver Tech Center is just 15 minutes away and downtown Denver a 25-minute drive. The proximity to Denver’s top employers at a more affordable cost of living, Aurora presents high-paying job opportunities in the Bioscience and Healthcare industry as well as the Aerospace and Defense industry.
Built in 1984, Trailpoint on Highline offers one- and two-bedroom apartments ranging from 630 sf to 830 sf. The units feature wood-style plank flooring, washer and dryer hook ups, wood burning fireplaces, spacious walk-in closets, private balconies and central heating and air conditioning. The property’s amenities include two heated swimming pools with sundecks, 24-hour laundry facilities, and on-site property management.
“Through the first half of 2023, the market for commercial real estate has been slow, but deals are out there and accelerating,” comments Max Sharkansky, Managing Partner at Trion Properties. “Investors that had financial discipline during the run up of multifamily property values prior to 2022 will be ready to take advantage of great opportunities as the market opens up as we move through 2023 and into 2024.”
Trion was able to secure an agency backed fixed loan of 5.09 percent at an LTV of 68.4%. The property’s cap rate at acquisition is 5.84%, providing positive leverage on day one of ownership. The first three years of the loan are interest-only. The multifamily deal team at Berkadia was instrumental in helping close the transaction.
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