Trion Properties Grows Portland Portfolio
- Jul 26, 2018
Trion Properties has expanded its multifamily presence in the Portland-area with a new community. One month after buying Pacific Crest, the company acquired Springbrook Gardens, an 84-unit community located in the Aloha submarket. The $10.5 million transaction marks Trion’s fifth acquisition in the greater Portland area since the beginning of the year.
“We continue to focus on Portland-area multifamily communities that are strategically located near major highways and local amenities. Through identifying properties like Springbrook Gardens, which offer quick commutes and close proximity to major universities and retailers, we are positioning our portfolio for strong long-term growth potential,” said Max Sharkansky, managing partner with Trion Properties, in prepared remarks.
Half of the acquisition price was financed via a loan arranged by Continental Partners at a starting rate of 3.7 percent. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate Inc. represented both the buyer and the seller in the deal.
The community’s location at 6300 Southwest 188th Court, off Farmington Road and near the 217 Highway Corridor, offers residents an easy commute to downtown Portland and several other employment hubs in the area, such as Hillsboro and Beaverton. Tektronix, Nike World Headquarters, Portland State University and Cedar Hills Crossing, a large retail center, are within few miles from the property.
The 1971-built Sprinbrook Gardens comprises 21 buildings spanning 5.7 acres. The community features spacious one and two-bedroom floorplans, a clubhouse, swimming pool and playground. Trion plans to upgrade the kitchen cabinetry and appliances, flooring, bathroom cabinetry and countertops in all units, as well as improve the property’s landscaping and outdoor amenities.
Image courtesy of Trion Properties