Russell Apartments is First Buy for Trion’s Newest Fund

Trion Properties recently acquired the Russell Apartments, a 68-unit multifamily community less than three miles from downtown Portland, for $19.7 million. This acquisition is the first for Trion’s third and newest multifamily opportunity fund, bringing the firm’s current Portland metro portfolio to 10 properties.

This allows the team to further leverage economies of scale, according to Max Sharkansky, managing partner at Trion Properties.

“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 stand-out in the region,” says Sharkansky. “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 Russell offers an opportunity to acquire an asset with historically low-rate debt, which allowed us to step into strong going-in cash flow as we expand our Oregon portfolio. It is the only market-rate multifamily development to be completed within the last 20 years.”

Last year, Oregon ranked third out of the top 10 inbound states, with Portland’s metro population growing by 30,000 residents. This demonstrates strong growth fundamentals and increasing demand as businesses and residents from other West Coast markets such as California migrated to the Pacific Northwest.