Trion Properties, an LA-based private equity firm that specializes in West Coast value-add multifamily, recently added to its Portland-area portfolio with the acquisition of Bel Aire Court. Trion Properties paid $9.2M for the 67-unit community at 12020-12275 Why Worry Lane in Beaverton. That marks the company's fifth deal in greater Portland in two years.
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“The Portland area is one of the strongest multifamily markets in the nation right now,” Trion Properties Managing Partner Max Sharkansky said.
He cited a number of industries driving demand for residential real estate in the area. Major tech giants such as Yahoo, Salesforce and Squarespace are growing in Portland. Also, the metro area has solidified its reputation as the sports apparel capital of the nation, with more jobs added in that industry.
Despite an uptick in new multifamily construction, parts of metro Portland remain undersupplied with apartments, Sharkansky said.
Beaverton is a supply-constrained market, with vacancy below 2.8%, which points to sustained resident demand.
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"As rents continue to climb in Downtown Portland, many renters are migrating to the surrounding suburbs, such as Beaverton and Hillsboro, in search of affordability,” Sharkansky said.
“By acquiring and enhancing this property, we're providing renters with a more affordable alternative to new multifamily construction in the urban core.”
While there remain opportunities to add value to Bel Aire Court, the previous owner had already invested in capital improvements to the 1961 property, leaving it relatively well-maintained for an asset of this vintage, Sharkansky said.
The deal brings LA-based Trion Properties' multifamily portfolio in the Portland area to a total of 282 units.
Jordan Carter, Clay Newton and Tyler Linn of Kidder Matthews repped Trion Properties, while Brian Dirks of Nicolan represented the seller, a private investor. Continental Partners arranged a $6.4M loan to finance the acquisition.
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