California private equity firms sells off Gresham apartments for $19.5M
May 10, 2022
Trion Properties, the California private equity firm that's a big fan of Portland-area apartments, has sold off one of its holdings here.
Trion sold the Edison Apartments in Gresham for $19.5 million, a tidy return on the $12 million it paid for them in 2020.
The Edison Apartments, formerly Hood Apartments, feature 64 units with condo-quality finishes. Most have two bedrooms, two bathrooms and a washer and dryer. The firm bought the then-new property as it got its certificate of occupancy, seeing it as a way to add an apartment community to its portfolio below replacement cost, Managing Partner Max Sharkansky said.
"Following several years of building a well-positioned portfolio of multifamily communities in markets with proven resilience throughout economic cycles, we were strongly capitalized and able to act quickly to seize this opportunity," Sharkansky said in a statement. "We ultimately leveraged the strength of the property, the location and the increasing demand for suburban life to lease up the asset and generate a significant return within just 18 months."
Trion has made other moves in the Portland area throughout the pandemic, including spending $19.7 million last year on the Russell Apartments in Portland, which have 68 units.