Trion Properties completes largest acquisition to date with $108.75 million off-market acquisition in popular Denver submarket | Nation and World

EDGEWATER, Colo., July 7, 2022 (SEND2PRESS NEWSWIRE) — Trion Properties, a multi-family investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has successfully completed the off-market acquisition of Terra Village, a 402-unit multi-family community in Edgewater, Colorado, a gentrifying urban submarket of Denver, for $108.75 million.

Terra Village, which Trion will rename Edge 26 in Sloan’s Lake, is the company’s largest acquisition to date and the fifth acquisition in Colorado, bringing its total multifamily portfolio in the state to more than 1,500 units.

“With the unique opportunity to acquire this exceptional asset at an attractive price and make strategic upgrades, we will be able to unlock enormous value potential,” says Max Sharkansky, Managing Partner at Trion Properties. “The Edge 26 community will fill an underserved need for quality apartment communities at an affordable price compared to new construction in the area, especially as the greater metropolitan area is expected to grow an additional 700,000 residents by 2030 and reach nearly 4.1 million by 2040, according to state demographer projections.

David Moghavem, Director of Acquisitions at Trion Properties, adds, “Leveraging our strong broker relationships in Denver’s mid-market and institutional markets, Elliott Polanchyck at Unique Properties Brokerage presented us with a favorable off-market deal. Constant collaboration and direct communication throughout the process allowed us to negotiate an efficient agreement, which ultimately resulted in a win-win agreement for both parties. »

The asset sits on nearly 16 acres of land, which is the largest site area of ​​10 multi-family properties consisting of over 300 units in Wheat Ridge, Edgewater and Sloan’s Lake, positioning it as a rare low-density community in a high-density urban pocket, notes Moghavem.

“The urban environment in a suburban setting continues to thrive in this submarket, attracting a new demographic of residents seeking an attractive alternative to downtown Denver,” Moghavem continues. “Nestled between Sloan’s Lake and Wheat Ridge, the neighborhood borders some of Denver’s most popular dining districts with many restaurateurs looking westward for new locations, as well as long-time establishments staying in the mix.”

Trion will implement its proven strategy of adding value and renovate the property to meet the needs of changing demographics and the increased demand for quality in the region, according to Farhan Mahmood, Partner and Director of Acquisitions at Trion Properties.

“The previous owner focused on healing from deferred maintenance and handed over the property in excellent working order,” says Mahmood. “Prior maintenance items include complete re-piping of the two-pipe heating system, addition of new mini-split systems to all units, new landscaping, repaving of asphalt, replacement of windows, sliders, roofs and renovation of all common area amenities. With less risk and overhead, we can now focus on strategically elevating the asset by fully renaming the property, updating classic interiors and incorporating a comprehensive technology package, installing washing machines and clothes dryers and adding additional amenities such as a gym and outdoor fitness room. area, a dog park and improving the overall curb appeal with new paint, signage and landscaping.

Built in 1970, Terra Village is a three-story, 402-unit garden-style community comprised of one-, two-, and three-bedroom apartments, 66% of which are two- and three-bedroom units. Individual units offer residents private patios or balconies with open floor plans. The property has 23 buildings, constructed in two phases, with two- and three-story stairs. Existing facilities include a swimming pool, basketball court, playground, pet play area, yard, picnic area, and walking and biking trails.

The property’s location in Edgewater, West Denver provides residents with ample employment opportunities and ease of transportation. Just 10 minutes from downtown Denver, transit options and Interstate 70 run through the heart of the submarket, connecting Interstate 25 and the rest of the Denver metro area. Plus, less than a mile from Sloan’s Lake Park, considered Denver’s second largest park and largest lake, residents can enjoy a variety of sports fields, basketball and tennis courts, trails multipurpose areas, picnic areas and playgrounds.

Terra Village is located at 6201 W 26th Ave, Edgewater, Colorado.

About Trion properties

Founded in 2005 and based in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-added multi-family properties throughout the West Coast. Trion has completed over $1.4 billion in transactions, with a portfolio of over $1 billion in assets, generating an average internal rate of return of over 30%. With its fully-built operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and multi-family property renovations to generate returns for its investors.

Since its inception, Trion has acquired the fee interests – or in some cases the debt secured by the fee interests – of more than 4,460 multi-family dwellings. To date, Trion has successfully repositioned and resold over 2,230 units and over 200,430 square feet of commercial real estate space.

The directors of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

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Terra Village

NEWS SOURCE: Trion Properties

This press release has been issued on behalf of the source of the information (Trion Properties) which is solely responsible for its accuracy, by Send2Press® Newswire. Information is believed to be accurate but not guaranteed. Story ID: 83216 APDF-R8.6

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