San Diego—Trigild, a San Diego-based real estate management and loan recovery firm, recently expanded their multifamily portfolio with the addition of seven multifamily communities across the United States.
These properties include one multifamily community in Georgia, on in South Carolina, three in Nevada and one in Idaho. This includes tertiary markets, which is proving to be a lucrative market for Trigild.
“[Tertiary markets] are something we’ve watched for a while. It’s a factor of the economy,” Brian Morelan, managing director of commercial real estate, Trigild, tells MHN. “The Class A core properties have been taken up by the large investment funds and the REITS. With continued non-growth in jobs, the industry fundamentals are starting to affect the smaller markets in the apartment end.”
Morelan explains that multifamily properties in these markets play to Trigild’s strengths.
“We’re beginning to see that the tertiary markets in multifamily are having challenges,” Morelan, says. “With our experience—not only in length of time, but in the volume that we do—it plays to our strengths, where we can come in and really analyze a property and get it back to a stabilized operating platform, which is a tremendous benefit for our clients as they decide how they’re going to dispose of the assets in the future.”
The acquired properties include River Oak Apartments, a 7.92-acre, 96-unit property in Anderson, S.C.; Beverly Forest Apartments, a 3.63-acre, 42-unit property in Mableton, Ga.; Tree Top apartments, a 7.33-acre, 42-unit property in Hinesville, Ga.; The Woodbridge Apartments, which include 20 two-story apartments with 200 units in Boise, Idaho; The Judith Villa Apartments, a 144-unit building in Las Vegas; Joshua Villas Apartments,a 176-unit apartment community in Las Vegas; and The Fremont Villas Apartments, a 138-unit building in Las Vegas.
“Our experience has greatly helped us understand what’s going on with troubled properties and lends itself to operating properties long term,” Morelan says. “We probably have 20-30 projects in the multifamily end, and it’s one of our core strategies going forward. We’re really excited with this opportunity to grow.”
