West Hollywood-based Trion Properties has launched a multifamily fund. The Trion Multifamily Opportunity Fund III, is the company’s third investment vehicle.
“Trion’s sole focus on our proven strategy of acquiring and repositioning undervalued multifamily assets in key markets, combined with our vertically integrated property management platform, has led to demonstrable success,” Mitch Paskover, a managing partner at Trion Properties, said in a statement.
“The average investor annualized return on our properties exceeds 30% annually, and all properties purchased with Funds I and II have either met or exceeded projections or are on pace to do so. We will continue to implement this strategy on assets acquired with Fund III on an expanded scale,” he added.
The fund is targeting $75 million in equity in order to achieve $175 million to $200 million in buying power. The company is hoping to use the funds to acquire and renovate undervalued multifamily assets in the Western and Southeastern U.S.
Trion's new fund is looking to purchase eight to 12 properties and targeting returns of 13%-15% annually over a six- to eight-year period.
“We offer a competitive advantage to investors by having in-house acquisition, project management, property management, debt sourcing, and construction teams,” Max Sharkansky, a managing partner at Trion Properties, said in a statement.
Trion’s second fund recently closed with 215 investors.
“With our first two funds, we executed an investment strategy that proved quite resilient, which allowed us to take advantage of several significant opportunities during both incredibly strong and uncertain economic times,” Sharkansky said in a statement.
“We are able to leverage our long-standing industry relationships to acquire these opportunities primarily through off-market transactions. This enabled us to build a strong portfolio of communities, acquired for highly competitive prices, which were positioned to provide strong returns to our investors,” he added.
Trion Properties was founded in 2005 and has acquired 64 properties for more than $1 billion.
