Trion Properties has acquired a portfolio of two Beaverton, Ore.-based garden-style communities totaling 103 units and a 71-unit property in Tigard, Ore. The company purchased the assets from a private seller for $24.2 million.
The properties in the portfolio include:
- Center Square Apartments, a 62-unit community consisting of a mix of one-, two- and three-bedroom floor plans. Located at 12310 SW Center St., the property is close to Cedar Hill Crossing, a retail center currently undergoing a $70 million redevelopment into a lifestyle center. Common-area amenities include private patios in every unit, an outdoor swimming pool, playground, laundry facilities and 100 parking spaces.
- Menlo Square Apartments is a 41-unit community at 5930 SW Menlo Drive, close to Beaverton Town Square and Washington Square Mall. Built in 1977, the property offers two- and three-bedroom units and includes in-unit amenities, such as washer and dryer, private patios and air conditioning.
The company purchased Center Square from a private seller for $8.5 million and Menlo Square for $5.7 million. Continental Partners has arranged a $12.5 million loan to finance the acquisition. HFO’s Cody Hagerman and Tyler Johnson worked on behalf of both the seller and the buyer. Trion plans to implement various upgrades for the properties including a full renovation of the unit interiors and replacing flooring and window blinds.
Multifamily demand led by job growth
“Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton, Ore.” Mitch Paskover, managing partner of Trion Properties, said in prepared remarks. “In addition to their close proximity to Nike and other major employers in the city, these properties also offer residents convenient commutes to Downtown Portland to the East and Hillsboro to the West.”
Maple Tree Apartments, a 71-unit community located at 10890 SW Canterbury Lane, offers one-, two- and three-bedroom units. Built in 1974, the eight two- and three-story property features common-area amenities, such as a clubhouse, swimming pool, playground, laundry facilities and 150 parking spaces. Trio acquired the asset for $10.1 million in an off-market transaction. Continental arranged a $8.1 million loan for the acquisition. Maple Tree is set to undergo various improvements, including renovation of the building’s façade, adding modern finishes to the community interiors and common areas and installing washer and dryers in all units.
“Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers,” continues Paskover. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area.”
Images courtesy of Yardi Matrix