Trion Properties acquires three more multi-family projects in Portland metro
Trion Properties has expanded its Portland holdings to nine, with three new multi-family purchases in the southwest suburbs.
The properties include a portfolio of two multifamily communities, Menlo Square Apartments and Center Square Apartments, totaling 103 units in Beaverton, as well as Maple Tree Apartments, a 71-unit multi-family community in Tigard. In total, they include 174 units, and overall Trion now owns 530 units in Portland.
"Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers," said Mitch Paskover, managing partner of Trion Properties. "The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area."
Center Square Apartments
Center Square Apartments is a 62-unit garden-style multifamily property that features a variety of spacious one-, two- and three-bedroom floorplans. Built in 1972 and located at 12310 S.W. Center St., it was acquired for $8.5 million. Continental Partners arranged a $7.7 million loan to finance the acquisition.
The property is within half a mile of Cedar Hills Crossing, which is currently undergoing a $70 million redevelopment into a lifestyle center. The property also sits a quarter-mile from Beaverton Transit Center, which provides connections to Portland Metro's MAX Light Rail and the WES Commuter Rail.
"Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton," Paskover said of investing in the suburb. "Both properties are within three miles of the Nike World Headquarters, which is currently undergoing an expansion that is estimated to have a total project cost of approximately $1 billion and is expected to be completed this year."
Trion Properties plans to complete strategic upgrades to modernize the features of all of renovation of the unit interiors and upgrades to quartz countertops, stainless steel appliances, vinyl plank flooring and other modern finishes, in addition to installing washers and dryers in each unit.
Menlo Square Apartments
Two miles from Center Square Apartments, Menlo Square Apartments is a 41-unit garden-style complex with two-bedroom townhomes and three-bedroom flats.
Located at 5930 S.W. Menlo Dr. and constructed in 1977, it was acquired for $5.7
million and Continental Partners arranged a $4.8 million fixed-rate loan to finance the acquisition. Cody Hagerman and Tyler Johnson of HFO represented both the buyer and seller of both Menlo Square Apartments and Center Square Apartments in this portfolio transaction.
"Menlo Square Apartments is a well-maintained asset that offers in-place cash flow and an immediate upside with a light value-add program," Paskover said. "The property was a rare find due to its spacious unit design."
Renovation plans include fresh paint and replacing flooring and window blinds within the property.
Maple Tree Apartments
Maple Tree is in Tigard on Bull Mountain and includes 71 units with one-, two- and three-bedroom floorplans.
"Solid economic drivers have created excellent fundamentals, making Tigard one of the strongest performing markets in the Portland Metro area," Paskover said. "The city has experienced strong economic growth and has one of the highest per capita incomes in the state."
The community is scheduled to undergo light value-add renovations, including refreshing the building's facade with modern landscaping, upgrading the balconies, adding modern finishes to the community interiors and common areas, and installing washers and dryers in all units.
Located at 10890 S.W. Canterbury Lane and built in 1974, it was purchased for $10.1 million. Continental Partners arranged a $8.1 million loan to finance the acquisition.