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Trion Properties Sells One Multifamily Property in Fresno, while Buying Others in San Diego and Portland

4/20/15

Los Angeles-based Trion Properties is wrapping up three west coast multifamily transactions, a sale in Fresno, in addition to acquisitions in Fresno and Portland.

The property Trion sold is called Canyon Del Sol, which was purchased for $5.5 mil in a transaction closed in February 2015. Robin Kane and Gordon Larkin of Berkadia represented both the buyer and the seller on the transaction.

Trion acquired the property out of a special servicer’s REO portfolio in August, 2012. At the time, it was 50% vacant and required an extensive renovation of the common areas and the unit interiors, which Trion completed while leasing up the complex to 93%.

Commenting on the disposition, Max Sharkansky, Managing Principal of Trion Properties, said, “The sale of Canyon Del Sol proves our ability to transform a deteriorating asset into a thriving community. Trion Properties' over-arching goal is to create value for both our investors and residents."

The assets Trion is under contract to purchase are Park Grove Apartments in San Diego and Woodland Park Estates in Portland. Park Grove is a 98-unit, garden-style apartment complex that was built in 1963 in the Mid-City submarket of San Diego, approximately two miles south of San Diego State University. The property has significant deferred maintenance and below market rents.

Each of the complex's buildings has two floors with one and two-bedroom units. Trion plans to improve the asset by investing significant capital in renovations and implementing an aggressive lease-up program.

Woodland Park Estates will be Trion’s first acquisition in the Pacific Northwest. It is a 74-unit, garden-style complex that was built in 1969. The property is currently under contract and has a projected close date of June 2015.

The five-building complex has two and three-bedroom units with such amenities as onsite laundry facilities, a playground, a pool and parking for tenants with more than one space per unit. Trion plans to implement a full repositioning strategy, including a high-end interior and exterior renovation program, to compete with other nearby renovated communities in the gentrifying neighborhood.

"With our proven track record, we are in a great position to expand our portfolio and are constantly looking for value-add multifamily opportunities,” added Mr. Sharkansky, “Park Grove in San Diego and Woodland Park Estates in Portland represent perfect examples of properties we look to acquire.”

Trion Properties is managed by principals whose combined experience in West Coast real estate markets spans over 20 years with over $1 bil in closed transactions. From its inception in 2006, Trion (through its affiliated entities) has acquired the fee interest (or in certain instances the debt secured by the fee interest) of over 1,200 multifamily units and over 75k sf of commercial retail space.

To date, Trion has successfully repositioned and resold over 600 apartment units and over 50k sf of commercial space. Trion has 550 multifamily units and 25k sf of retail/office space currently in its portfolio, with an additional 120 multifamily units in development.







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