Business, Free News Articles, Real Estate

Trion Properties Enters Florida Market with Acquisition of 384-Unit Luxury Multifamily Community in Orlando

ORLANDO, Fla. -- Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in multifamily investments, announced that it has acquired Patterson Court, a 384-unit luxury multifamily community in Orlando, Florida for $107.75 million.

This is Trion's first property in Florida and its second within the Southeast after the recent acquisition of Crescent Commons in Fayetteville, NC.

"This was an incredible chance to acquire a luxury apartment community off market, at well below replacement cost, in one of the country's top three markets for inbound migration," says Max Sharkansky, Managing Partner at Trion Properties. "Because of the unique nature and history of Patterson Court, which was designed specifically as housing for the Disney College Program and remains on a triple-net master lease to the Walt Disney Company until April 2023, we were able to acquire this asset at a cap rate in the 5% range, which is unheard of in this market."

Sharkansky notes that when Disney began relocating previous residents to other properties as part of a change in business plan, the units were leased up to full occupancy very quickly at under-market rates, which will foster organic growth as units turn. Trion will implement a heavy renovation program to upgrade the asset and further reposition it to accommodate more traditional multifamily residents.

"This submarket saw rent growth of more than 20% in the past year alone," continues Sharkansky. "With the continued population boom in Orlando, and Disney recently announcing it will be relocating 2,000 jobs from California, we anticipate a continued upward trajectory. Much of the multifamily demand comes from families with children, as rental living remains an attractive alternative to the high costs of home ownership in adjacent neighborhoods, which this property accommodates well. Further, Patterson Court is within short walking distance from a new STEM-oriented elementary school that is positioned to be one of the best in the area."

According to Sharkansky, the community's spacious floorplans and unit composition, featuring 50% three-bed, three-bath apartment homes, meet an incredibly strong demand in the submarket.

Marley Dominguez, Director of Acquisitions at Trion, adds: "Due to the triple-net master lease to Disney, Trion will not be responsible for any expenses, including property management, for the next 18 months. We will utilize some of the cashflow over that period to support upgrades to the asset that will make it highly competitive in the market."

According to Dominguez, Patterson Court was built to very high specs and the sprawling, low-density community with resort-style amenities and rare unit features, including walk-in closets and bathrooms in each bedroom, is effectively irreplaceable.

"Because the property was used for short-term program housing and not occupied like typical multifamily, it is in outstanding condition for its 2008 vintage," says Dominguez. "That said, we will be able to bring the property to 2021 quality through strategic renovations and upgrades of units and common areas."

Mitch Paskover, Managing Partner at Trion Properties, explains that Trion was able to secure Patterson Court before the asset went to market based on close broker relationships, as well as strong capitalization and a trusted track record.

"We've been aggressively pursuing lucrative opportunities in Florida and keeping in consistent contact with our connections in the market," Paskover says. "Due to our trusted reputation and ability to offer certainty of closing, we were able to secure the community for a well-below-market price."

Paskover adds that Trion raised equity for the acquisition from individual investors in the property and through the Trion Multifamily Opportunity Fund III.

Berkadia Orlando's Managing Director Brett Moss, Managing Director Matt Wilcox, and Associate Director Tyler Swidler, along with Berkadia Miami's Senior Managing Director Jaret Turkell, represented the seller in the transaction.

"Patterson Court represented one of the most unique and story-laden value-add multifamily investment opportunities in Central Florida in recent history," says Moss. "The market's response to this opportunity was exceptional, and the sale of Patterson Court is emblematic of the strength of the Orlando apartment market and ever-growing investor appeal."

Berkadia Miami's Managing Director Scott Wadler and Managing Director Brad Williamson, along with Berkadia Orlando's Associate Director Wesley Moczul, secured the acquisition financing on behalf of Trion.

As part of the acquisition's capitalization, Trion raised $20 million of equity for Patterson Court from retail investors on CrowdStreet, the largest online real estate investing platform, with 308 individual investors participating in the offering.

Jesse Maas, Managing Director of CrowdStreet, attributes the offering's success to the underlying deal fundamentals and some special attributes unique to this property: "The Orlando market is #8 for multifamily acquisitions on CrowdStreet's ranking of the 'Best Places to Invest in 2021,' so it's a location and product type for which there is generally strong demand. At the same time, this project is unique in that the apartments are currently fully leased to a single tenant, Walt Disney World Resort, so the risk profile and upside is particularly attractive. Investors on our marketplace seemed to really appreciate the opportunity and investment thesis that Trion Properties presented with Patterson Court."

Patterson Court is directly across the highway from the entrance to the Walt Disney World Resort and in the heart of Orlando's premier dining and entertainment district, the International Drive (I-Drive) corridor. The property provides residents easy access to world class restaurants and shopping, as well as numerous business parks and Downtown Orlando. Ten of Orlando's 12 largest employers located in close proximity.

The property consists of 17 three-story wood framed buildings, and one, two-, and three-bedroom units. Community amenities include a lavish sundeck with cabanas and lounges, swimming pool, fitness center, student rooms with individual work centers, a car wash center, and four on-site laundry facilities.

Patterson Court is located at 8151 Patterson Woods Drive in Orlando, Florida.

About Trion Properties

Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast. Trion has completed more than $1 billion in transactions, with a portfolio of over $700 million in assets, generating an average internal rate of return in excess of 30 percent. With its fully built-out operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and renovation of multifamily properties to drive returns for its investors.

Since its inception, Trion has acquired the fee interest-or in certain instances the debt secured by the fee interest-of over 3,550 multifamily units. To date, Trion has successfully repositioned and resold over 1,750 units and over 200,430 square feet of commercial real estate space.

The principals 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. Additional information is available at https://trionproperties.com/.

Related link: https://trionproperties.com/

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Business, Free News Articles, Real Estate

Trion Properties Launches Third Fund; Targets $175-200 Million in Buying Power Focused on Southeast and Western Multifamily Properties

LOS ANGELES, Calif. -- Trion Properties, a private equity real estate firm based in West Hollywood, California and Miami, Florida specializing in value-add multifamily investments, has announced the launch of Trion Multifamily Opportunity Fund III, LLC, its third investment fund vehicle.

The fund, which will target $75 million in equity to deliver $175-200 million in buying power, will primarily invest in the acquisition, improvement, and repositioning of undervalued and opportunistic multifamily assets in Western and Southeastern U.S. markets. Fund III anticipates acquiring 8-12 properties over its investment period.

The launch of this fund comes on the heels of the closing of the firm's second fund, which has 215 diverse investors, including accredited high net worth investors, RIAs, and family offices, and is allocated across value-add and opportunistic multifamily investments within growing submarkets demonstrating strong growth fundamentals, according to Max Sharkansky, Managing Partner at Trion Properties.

"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," says Sharkansky. "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."

To date, the firm has acquired 64 properties and has completed more than $1 billion in transactions.

Mitch Paskover, Managing Partner at Trion Properties adds, "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. 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."

Fund III is targeting investor-level annualized returns of 13% to 15% over a 6-8-year period, with early "seed investors" receiving preferred economics. As with the firm's first two funds, the firm plans to drive value through heavy renovations, re-branding and a hands-on management approach.

"We offer a competitive advantage to investors by having in-house acquisition, project management, property management, debt sourcing, and construction teams," says Sharkansky. "This combination makes us unique and specialized in the markets we target, allowing us to add value where other sponsors cannot."

Selecting assets with longevity and endurance is essential to the firm's acquisition strategy, adds Paskover.

"We have established a foothold in several Western markets, including becoming the most active buyer in the Portland area based on number of transactions, and are eager to continue applying this strategy in those markets and others demonstrating strong growth fundamentals - including the Southeast region, where we recently established a second office," says Paskover.

Trion's current multifamily portfolio encompasses over 1,250 units across Los Angeles, San Diego, the Bay Area, Colorado, and the greater Portland Area. In addition to the Southeast, the firm is also seeking opportunities to acquire in Salt Lake City and Seattle, notes Sharkansky.

Based on solid fundamentals, continued demand and shortage of supply in multifamily housing in these markets, Trion is anticipating strong performance for its investment platform over the long term.

About Trion Properties

Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast. Trion has completed more than $1 billion in transactions, with a portfolio of over $550 million in assets, generating an average internal rate of return in excess of 30 percent. With its fully built-out operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and renovation of multifamily properties to drive returns for its investors.

Since its inception, Trion has acquired the fee interest-or in certain instances the debt secured by the fee interest-of over 3,550 multifamily units. To date, Trion has successfully repositioned and resold over 1,750 units and over 200,430 square feet of commercial real estate space.

The principals 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. Additional information is available at https://trionproperties.com/.

RELATED LINKS:

https://trionproperties.com/investments/portfolio/multifamily-opportunity-fund-iii/

https://trionproperties.com/investments/investment-track-record/

https://trionproperties.com/investments/multifamily-portfolio/

Related link: https://trionproperties.com/

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Business, Free News Articles, Real Estate, Software

Fairway America, LLC selects Pereview as its new asset management platform

PORTLAND, Ore. -- Commercial real estate and private equity investment firm Fairway America (fairwayamerica.com) has chosen Pereview Software (pereviewsoftware.com) to support its growing portfolio.

Fairway America is a full-service private equity and advisory firm specializing in commercial real estate asset-based investments across the United States middle market headquartered in Portland, Ore.

"We have always been very good at tracking our data and producing quality reports for our investors, but, with our growth it has simply become a time-consuming chore. Pereview will allow us to automate our asset reporting as well as now perform deeper analytics across our fund and asset level data, giving us greater insights as we continue to outperform our competitors," said John Wilson, CFO at Fairway America.

Wilson said Pereview's data validations will allow their users to now directly access trustworthy data, all in one place, creating efficiencies not previously achievable at Fairway America. "It gives us a centralized repository of all of our clean data with no more silos enabling us to confidently make data-driven decisions to drive value for 100% of investors," he said.

Pereview is the only all-in-one asset management platform that manages all of a client's data across the entire asset lifecycle from acquisition to disposition. By aggregating, integrating, and interpreting internal and external disparate data into a single source of truth, Pereview provides actionable insights while delivering unparalleled reporting and analytics capabilities.

Daryl Pitts, SVP of global sales for Pereview, said they will aggregate all of Fairway America's Operating Partner native property level data into the Pereview platform while also connecting to Fairway America's commercial, multifamily and self-storage valuation, underwriting, budget and waterfall Excel models to fully capture all historical and projected data in their ecosystem.

"We are very excited to expand the rapidly growing Pereview customer base into the Northwest and are honored to be partnering with such an experienced team of real estate visionaries that know the power of data and how they can continue growing their portfolio with it," he said. "Having all of their data in one place will allow the Fairway America transactions, asset management, fund/portfolio, IR, Marketing, and senior leadership teams to do more with their data across the Life of the Asset."

Learn more at: https://pereviewsoftware.com/

Related link: https://pereviewsoftware.com/

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Business, Free News Articles, Real Estate

The Alliven Group Moves into New, 59,000 sq ft. Headquarters

LAKEWOOD, N.J. -- After two years of building and development, The Alliven Group, a leading New Jersey-based real estate firm, has moved into a striking, $14-million office tower at the edge of Lakewood. Known as The Nexus, the four-story building is 100-percent leased and 50-percent owner-occupied. The Alliven Group occupies the top floor.

A coordinated effort between John Saracco Architects, Nexgen Builders, and Susan Strauss Design, The Nexus is sleek, light-filled, and spacious, and the first office property in Lakewood with an above-ground garage. Shades of grey Trespa panels on the façade create a modern, geometric look, while the interiors are elegant and minimalist, with dark tile flooring and continuous windows for natural light on every level.

With a high-performance VAV system and light-blocking windows, the building is energy efficient, and includes a comprehensive security system.

"Building our new headquarters was a real team effort, and we're thrilled with the results," said Rachel Lasry, COO of The Alliven Group. "The Nexus gives us a lot of space to expand and room for growth."

About The Alliven Group

The Alliven Group is a private equity real estate firm headquartered in New Jersey with a diverse portfolio of select income-producing properties including multifamily, healthcare facilities, and office buildings. With over three decades of experience, we are known for our keen sense of market trends and timing. Our team successfully identifies opportunities and creates equity through diligent acquisitions, thoughtful development, attentive management, and targeted value-added capital improvements.

Learn more: https://alliven.com/

Related link: https://alliven.com/

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Business, Free News Articles, Real Estate

The Alliven Group Names Yehuda Newman as Vice President of Acquisitions

LAKEWOOD, N.J. -- The Alliven Group, a leading New Jersey-based real estate firm, has announced the arrival of Yehuda Newman as Vice President of Acquisitions. Mr. Newman will be focusing on all aspects of new transactions with Joint Venture partners, as well as growing an in-house multifamily platform to complement The Alliven Group's already robust portfolio of joint venture properties.

"Following an extensive search, we are excited to welcome such an experienced, capable, and passionate leader to our team," said Rachel Lasry, COO of The Alliven Group. "Yehuda's background in multifamily investments is a great fit with our focus on the multifamily market, which has been very successful for us."

Prior to joining The Alliven Group, Mr. Newman spent five years at The Lightstone Group, a New York City private equity firm. His responsibilities included sourcing and underwriting potential acquisition opportunities, particularly value-add multifamily and development sites. He worked closely with the executive team, performing market research of new target MSA's; developed investment recommendations; and managed the transaction due diligence and closing processes. Mr. Newman has been instrumental in closing multimillion-dollar deals across the country, including hotels, development sites, and multifamily assets.

When sourcing new deals and reviewing the projected performance of an investment, Mr. Newman always makes it a point to visit each location and learn about it from the ground up, working to build relationships with the people behind the deal. He brings that development philosophy to The Alliven Group, which has pursued opportunities across the country. "I like to get to know the place and meet the people there, because ultimately, it's not the numbers that make the deal happen, it's the people who do it," Mr. Newman said.

"This is an exciting opportunity to develop new relationships and explore new structures," Mr. Newman added. "I look forward to leveraging my experience to create value with The Alliven Group."

About The Alliven Group

The Alliven Group is a private equity real estate firm headquartered in New Jersey with a diverse portfolio of select income-producing properties including multifamily, healthcare facilities, and office buildings. With over three decades of experience, we are known for our keen sense of market trends and timing. Our team successfully identifies opportunities and creates equity through diligent acquisitions, thoughtful development, attentive management, and targeted value-added capital improvements. Learn more: https://alliven.com/

Related link: https://alliven.com/

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Business, Free News Articles, Real Estate

The Alliven Group Announces Sell Out of Latest Development

LAKEWOOOD, N.J. -- The Alliven Group, a New Jersey-based real estate firm, has announced that Prospect Vines, the firm's latest development in Lakewood, has sold its final units for a total sell out of $65 million. With 159 townhouses spread across 12-plus acres, this is the sixth residential project in Lakewood completed by The Alliven Group since 2009.

Amboy Bank provided $39 million in construction financing for Prospect Pines over three phases. The thoughtfully designed development includes three parks, multiple playgrounds, and a 17,000 sq. ft clubhouse spread over three floors.

Each 2,600-square-foot residence features two floors, four or five bedrooms, a deck, backyard and basement, and is surrounded by lush landscaping. Residents enjoy long tree-lined streets and lots of green space.

"Prospect Vines is a wonderful addition to Lakewood, providing spacious, high-quality living space that meets the needs of Lakewood residents," said CEO Mark Frankel.

The Alliven Group currently has a variety of other residential development projects complexes across central New Jersey, New York, and Boston in various stages of development.

About The Alliven Group

The Alliven Group is a private equity real estate firm headquartered in New Jersey with a diverse portfolio of select income-producing properties including multifamily, healthcare facilities, and office buildings. With over three decades of experience, we are known for our keen sense of market trends and timing. Our team successfully identifies opportunities and creates equity through diligent acquisitions, thoughtful development, attentive management, and targeted value-added capital improvements.

Learn more about The Alliven Group at https://alliven.com/

Related link: https://alliven.com/

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