A 52-unit multi-family property in Tigard has sold for $10.85 million.

“The sale of York (Apartments) is the third disposition in a group of garden-style apartment properties that we acquired in the Portland region in 2019,” Max Sharkansky, managing partner at Trion Properties, stated in a news release. “When factored together, the sale of the three-asset portfolio generated an (Internal Rate of Return) of more than 29 percent.”

The other assets in the portfolio—The Parker and Aster Parc Townhomes—sold in May and July of 2022, respectively.

HFO Investment Real Estate handled the transaction. Rob Marton, partner, represented Trion in the sale, and Greg Frick, co-founder and partner, managed the process for the purchaser of the property. According to Washington County public records, the buyer is identified as 7580-7582 SW Hunziker St. Holdings LLC.

York Apartments is a 52-unit garden-style apartment complex with three studio units, 48 two-bedroom, one-bath units; and one four-bedroom, two-bathroom unit. The property is at 7582 SW Hunziker St. in Tigard.

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Fox Meadows Apartments, a 95-unit garden-style complex in Tualatin, has sold for $19.35 million. Kidder Mathews represented the seller, Trion Properties. The buyer was a national multifamily investor based in California.

The property was constructed in 1958, according to Zillow. It has one-bedroom, two-bedroom and three-bedroom units.

Located at 19545 and 19605 S.W. Boones Ferry Road, Fox Meadows is within a short distance of popular dining and shopping destinations, including Bridgeport Village. The property offers convenient access to major thoroughfares that connect to all parts of the Portland-metro area.

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A 64-unit apartment complex in Gresham has sold for $19.5 million, pointing to strong market fundamentals for suburban multifamily properties.

The seller, Trion Properties, touted the March sale of Edison Apartments, which the investment firm originally acquired for $12 million in October 2020, when the property was newly built.

“We ultimately leveraged the strength of the property, the location and the increasing demand for suburban life to lease up the asset and generate a significant return within just 18 months,” Trion Properties Managing Partner Max Sharkansky stated in a news release.

Trion Properties is based in West Hollywood, California, and Miami.

The buyer was RM Edison, a limited liability company. The entity is connected to RealtyMogul, a Los Angeles-based investment platform.

The sale equates to $304,688 per unit. RealtyMogul on its website stated it is targeting a 13.2 percent return on Edison Apartments in a 10-year investment period.

Edison Apartments, at 1833 S.E. Sixth St., was completed in 2020. It features mostly two-bedroom, two-bathroom units.

Gresham has a tight rental market amid strong job growth, according to Sharkansky.

“With the ongoing boom of industrial asset classes, Gresham is well positioned to continue to benefit from economic expansion tied to the rise of the e-commerce industry,” he stated. “The continued expansion has led to an increased need for quality housing to support the growing population of employees. Despite the increasing population, new construction has been limited as developers have focused on Portland’s core during the economic expansion. The result has been a submarket with some of the tightest vacancy rates and fastest rising rents in the state.”

Jordan Carter, Tyler Linn and Clay Newton of Kidder Mathews represented Trion Properties in the transaction.

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A California investment firm has purchased The Russell, a contemporary 68-unit apartment building in Northeast Portland’s Eliot neighborhood, for $19.7 million.

Trion Properties, based in West Hollywood, California, acquired the 86,600-square-foot property, which was completed in 2017. The seller was Russell Street Sustainable Housing, a limited liability company that is tied to Chris Looney and Dan Neal, both developers with Eugene’s Paradigm Properties.

The purchase was the first for Trion’s latest Multifamily Opportunity Fund. Trion now owns 10 multifamily properties in the Portland metro area.

“As recent zoning changes take place in Portland, there has been a lack of supply and increased demand for quality apartment communities, positioning the property as a standout in the region,” Max Sharkansky, managing partner at Trion Properties, stated in a news release. “While our typical strategy is to acquire multifamily product of older vintages and implement light-to-moderate value-add renovations, we identified The Russell as a rare opportunity to add this extremely well-located and modernized asset that was built in 2017 to our portfolio.”

The project is located at 2621 N.E. Seventh Ave., one block east of the Northeast Martin Luther King Jr. Boulevard corridor. Trion was attracted by The Russell’s proximity to restaurants, retail and emerging creative offices, said Farhan Mahmood, managing director of acquisitions at Trion Properties.

Last year, Oregon ranked as the third most frequent destination for movers, behind only Idaho and South Carolina, according to United Van Lines.

Rob Marton and Tyler Johnson at HFO lnvestment Real Estate represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok at Capital One.

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