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Trion Forecasts Portland Will Continue its Appeal
The Greater Portland area continues to be attractive to tenants and residents due to its appealing lifestyle and lower cost of living relative to other West Coast markets, says Max Sharkansky, managing partner at Trion Properties. In that vein, a refinancing agreement to the tune of $52.6 million was secured for a four-property 365-unit multifamily portfolio in the greater Portland, OR area.
“With a 10-year term at 2.92 percent and 75 percent loan-to-value, the non-recourse loan positions this portfolio for strong ROI in the foreseeable future,” Sharkansky says.
Trion implemented value-add renovations and improved operational efficiencies at the communities, increasing the total value of the assets by 20 percent. The properties, which were acquired between 2017 and 2018, include Hudson South, a 156-unit asset at 10695 SW Murdock St. in Tigard; Hudson North, a 71-unit asset at 10890 SW Canterbury Lane in Tigard; Hallwood Apartments, a 76-unit asset at 7535 SW Hall Blvd. in Beaverton; and Huntley Apartments, a 62-unit asset at 12310 SW Center St. in Beaverton.
Mitch Paskover at Continental Partners secured the loan on behalf of Trion Properties.
Trion forecasts a continued focus on the Portland market, Sharkansky says.
“Last year the region came together for the first time to develop an action‐oriented, multi-phased five‐year economic development plan that builds on existing efforts and spotlights what’s needed to achieve economic prosperity in the area,” he points out.
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- ◦Financing
