Trion Properties Pays $35M for North Carolina Community
- Sep 16, 2021
Trion Properties has acquired Crescent Commons, a 288-unit garden-style community in Fayetteville, N.C., for $35 million, or $121,528 per unit.
The purchase included an empty parcel of 42 acres. Trion Properties plans to use the vacant land to develop additional units or a self storage facility, according to its website.
The community encompasses 14 three-story buildings, with a mix of one-, two- and three-bedroom floorplans. Unit sizes range between 756 and 1,304 square feet. Residents have access to a swimming pool, a clubhouse, a gym, two dog parks, as well as 32 private garages.
Located at 812 Crescent Commons Way, the property is 6 miles west of downtown Fayetteville and within a mile of a large retail corridor along Skibo Road.
Crescent Commons was completed in phases between 2002 and 2006. The new owner now plans to implement its value-add renovation program that will include upgrades to all interior units as well as a fitness center expansion, pool area enhancement and the installation of a more appealing signage.
Trion Properties Managing Partner Max Sharkansky said in prepared remarks that the property’s value-add potential, along with North Carolina’s strong population growth over the last decade and Fayetteville’s tight construction pipeline were among the determining factors behind the company’s decision to acquire Crescent Commons.
In early April, a partnership between Trion Properties and PCCP paid $80 million to acquire a two-property portfolio in Colorado Springs, Colo., from Meta Real Estate Partners.