Trion Properties Acquires Portland Community
- Jul 08, 2017
Trion Properties continues expanding its multifamily portfolio with the purchase Bel Aire Court, a 67-unit community located in Beaverton, Ore. This acquisition marks the company’s fifth purchase in the Portland area in the past two years. The transaction price was $9.2 million. Continental Partners arranged a $6.4 million, five-year, fixed-rate loan.
Located at 12145 SW Why Worry Lane, Bel Aire Court offers convenient access to the Oregon Route 217 freeway. The community is in close vicinity of retail, restaurant and entertainment venues. A variety of parks such as Wonderland Park, Fir Grove Park and Channing Heights Park are within walking distance. Beaverton High School, Vase Elementary School and Whitford Middle School are also nearby.
Built in 1959, Bel Aire Court is also pet friendly and was 98.5 percent occupied as of May. The one-story buildings consist of two- and three-bedroom units ranging in size from 800 to 1,000 square feet. Common area amenities include:
- Two laundry facilities
- Free Wi-Fi
- On-site business center
The company plans to implement light value-add renovations which will include exterior improvements and interior upgrades to add new cabinetry, stainless steel kitchen appliances and new Formica counters.
“The Portland metropolitan area is one of the strongest and fastest-growing multifamily markets in the nation right now,” Max Sharkansky, managing partner of Trion Properties, said in prepared remarks. “The region’s rapid job growth, solid economic fundamentals, and high quality of life are driving resident demand for housing in this market, resulting in long-term growth potential for multifamily investments.”
According to data provider Yardi Matrix, Bel Aire Court last traded in 2008 when Rudy Munzel sold the asset for $4.8 million, or $70,220 per unit. Jordan Carter, Clay Newton and Tyler Matthews represented the buyer, while Brian Dirks of Nicolan represented the seller.
Image courtesy of Yardi Matrix