Trion Properties, a multifamily investment and private equity real estate firm based in West Hollywood, is investing heavily in out-of-state properties.
Trion just completed the off-market acquisition of Terra Village, a 402-unit multifamily community in Edgewater, Colo., a rapidly gentrifying urban submarket of Denver, for $109 million.
Terra Village, which Trion will be rebranding as Edge 26 at Sloan’s Lake, is the firm’s largest acquisition to date and fifth acquisition in Colorado, bringing Trion’s total multifamily portfolio in the state to more than 1,500 units.
“Through the unique opportunity to acquire this standout asset at an attractive basis and completing strategic upgrades, we will be able to unlock tremendous value potential,” Max Sharkansky, chief executive at Trion Properties, said a statement.
Trion also recently purchased a property in Orlando for $108 million.
David Moghavem, director of acquisitions at Trion Properties, said that the company buys a mix of older and newer apartment complexes and has been chasing markets with strong fundamentals that are close to employment opportunities.
“The strategy is value-add for multifamily, which can include renovations, adding amenities, and more hands-on management,” Moghavem said.
The company began with West Coast markets, buying a lot in Beaverton, Ore., and went into Colorado three years ago.
Trion does have some investments in California as well.Trion has a sister company, Continental Partners, which arranges all of the financing for its acquisitions.