Trion Properties Expands Portland Portfolio
- Dec 08, 2017
Trion Properties has purchased Hallwood Apartments, a 76-unit community located in Beaverton, Ore., for $12.3 million from a private seller. This transaction marks Trio Properties’ third acquisition in the city and sixth Portland metro property.
Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate Inc. worked on behalf of the seller. Los Angeles-based mortgage banking firm Continental Partners arranged the acquisition financing.
Located at 7535 SW Hall Blvd., a few miles west of downtown Portland, the property is close to the Beaverton-Hillsboro industrial corridor, which is home to major employers such as Yahoo, Intel, Salesforce and Oracle. Additionally, the Hallwood community is close to various transportation options such as Beaverton Central, Beaverton Transit Center, Portland International Airport and Beaverton Transit Center.
Built in 1986, the seven two- and three-story buildings offer one- and two-bedroom units ranging in size from 701 to 932 square feet. The pet-friendly property features common area amenities such as:
- fitness center
- swimming pool
- laundry facilities
- 150 parking spaces
Each unit offers a washer/dryer unit, dishwasher, fireplace, extra storage, patio or balcony, and cable or satellite. According to data provider Yardi Matrix, Hallwood was 100 percent occupied as of October and had an average rental rate of $1,057 as of November.
The company plans to renovate the property. “We plan to implement capital renovations to tastefully modernize and upgrade both the exterior and interior of the property to further enhance its appeal for tenants looking for value alternatives to Portland’s urban core,” Trio Partners Managing Partner Max Sharkansky said in a prepared statement.
Image courtesy of Yardi Matrix
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