Trion Properties managing principal Max Sharkansky tells us value-add multifamily deals still exist in greater Portland. Maybe not as low-hanging fruit, but they're still on the tree.
:quality(75))
LA-based Trion recently acquired Hidden Villas, a 61-unit apartment property in Beaverton, for about $7M from a private owner. By repositioning and rebranding the property through various renovations, Trion plans to bring rents up to market rate.
"Hidden Villas presented a strong opportunity for us to acquire a value-add multifamily asset well below replacement cost, with strong upside potential," Max says. "Rents at this property are about 12% to 36% below market value, allowing us to capture rent growth upon lease turnover." Max, right, is snapped with his wife and managing partner Mitch Paskover and his wife.
:quality(75))
Max says Beaverton has emerged and established itself as the sports apparel capital of the nation—Nike's world HQ isn't far away—and is a growing tech hub in the Pacific Northwest (the "Silicon Forest"). Those are two factors that make Hidden Villas a strong investment opportunity for Trion, he says.
The deal marks the firm’s fourth acquisition in the area and comes on the heels of another investment in the Portland metro, Tigardville Apartments, a distressed, 36-unit garden-style asset in Tigard.
)
)
)
)
)
)
)
)
)
)
)
)