multifamily real estate investment management Archives

EDGEWATER, Colo. /ScoopCloud/ -- Trion Properties, a multifamily 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 multifamily community in Edgewater, Colorado, a rapidly gentrifying urban submarket of Denver, for $108.75 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 their total multifamily portfolio in the state to more than 1,500 units.

"Through the unique opportunity to acquire this stand-out asset at an attractive basis and completing strategic upgrades, we will be able to unlock tremendous value potential," explains Max Sharkansky, Managing Partner at Trion Properties. "The Edge 26 community will meet an underserved need for quality apartment communities at an affordable price point relative to new construction in the area, especially as the wider metro area is projected to increase by another 700,000 residents by 2030, and reach nearly 4.1 million by 2040, according to projections by the state demographer."

David Moghavem, Director of Acquisitions at Trion Properties, adds: "By leveraging our strong broker relationships across Denver's middle and institutional markets, we were presented with a favorable off-market deal by Elliott Polanchyck at Unique Properties Brokerage. Steady collaboration and direct communication throughout the process allowed us to negotiate an effective deal ultimately resulting in a win-win for both parties."

The asset sits on nearly 16 acres of land, which is the largest site area of 10 multifamily properties comprised of more than 300 units in Wheat Ridge, Edgewater, and Sloan's Lake, positioning it as a rare low-density community within a high-density urban pocket, notes Moghavem.

"The urban environment in a suburban setting continues to flourish in this submarket, drawing a new resident demographic seeking an attractive alternative to downtown Denver," continues Moghavem. "Tucked between Sloan's Lake and Wheat Ridge, the area borders some of Denver's most popular dining neighborhoods with many restaurateurs looking westward for new locations, as well as longstanding establishments remaining in the mix."

Trion will implement its proven value-add strategy and renovate the property to meet the needs of the changing demographic and the heightened demand for quality in the area, according to Farhan Mahmood, Partner and Director of Acquisitions at Trion Properties.

"Previous ownership put a strong emphasis on curing deferred maintenance and transferred the property in excellent functioning condition," says Mahmood. "Prior maintenance items include complete re-piping of the two-pipe heating system, adding new mini split systems to all units, new landscaping, repaving asphalt, replacing windows, sliders, roofs, and renovating all the common area amenities. With less risk and overhead, we can now focus on strategically elevating the asset by fully rebranding the property, modernizing classic interiors and incorporating a complete tech package, implementing in-unit washers and dryers, and adding additional amenities such as a gym and outdoor fitness area, a dog park, and improving the overall curb appeal with new paint, signage, and landscaping."

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

The property's West Denver location of Edgewater offers residents ample employment opportunities and ease of transport. Only 10-minutes from downtown Denver, public transit options and Interstate 70 run through the heart of the submarket, connecting Interstate 25 and the rest of the Denver metropolitan area. Additionally, less than 1-mile to Sloan's Lake Park-which is considered Denver's second largest park and largest lake-residents can enjoy various athletic fields, basketball and tennis courts, multi-use trails, picnic areas, and playgrounds.

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

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 $1.4 billion in transactions, with a portfolio of over $1 billion 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 4,460 multifamily units. To date, Trion has successfully repositioned and resold over 2,230 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/terra-village/

Trion Properties, a multifamily 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 multifamily community in Edgewater, Colorado, a rapidly gentrifying urban submarket of Denver, for $108.75 million.

Related link: https://trionproperties.com/

RED BANK, N.J., /ScoopCloud/ -- Cortland, a multifamily real estate investment management company, and Move For Hunger, a national hunger relief non-profit organization, announced a partnership that will not only help provide much-needed assistance to food banks across the United States but will also help to curb food waste and its resulting adverse impacts to the environment.

Through the partnership - which is Move For Hunger's second-largest - Cortland will support the organization's food rescue and hunger relief programs across all of its nearly 200 apartment communities, diverting food from landfills and into the hands of those who need it most.

With the Move For Hunger partnership, all Cortland residents and associates will have the opportunity to easily collect and donate non-perishable food they no longer want without leaving their apartment communities. Apartment communities will provide residents and associates with food collection bags upon request, which they can fill and drop at a spot on-site. Move For Hunger will then arrange for food pickup and delivery to the local food bank or pantry.

"This portfolio-spanning partnership with a like-minded organization like Move For Hunger will help us to continue to support our communities and drive our organization's sustainability mission," said Jonathan Tucker, executive vice president of Operations & Facilities, Cortland. "Move For Hunger has helped deter millions of pounds of food from ending up in landfills while also preventing more than four tons of CO2 from entering the atmosphere. In addition, the organization has helped provide more than 18 million meals to those in need. We look forward to bolstering these numbers and seeing what we can accomplish through this partnership."

An estimated one in eight people does not have access to sufficient food to lead a healthy life, while nearly one-third of the food produced globally is wasted, according to the Food and Agriculture Organization of the United Nations (FAO). Food wastage not only deprives those who need it most, but it is also a major driver of pollution. Food waste that ends up in landfills produces methane - a more powerful greenhouse gas than CO2. Excess amounts of methane absorb infrared radiation and heat up the earth's atmosphere, which is a driver of climate change.

"Through this new and aptly timed partnership, Cortland is now one of our largest allies," said Adam Lowy, Executive Director and Founder of Move For Hunger. "Partnering with Cortland will help reach our goals of reducing food insecurity coast-to-coast and protecting the planet by diverting food from landfills to food banks and pantries. We can't wait to leverage its nationwide portfolio to directly impact those struggling with hunger across the whole of the United States."

This partnership comes at a time when it's needed most. The past year has shined a light on both the environmental shortcomings and food insecurity across our nation. Together, Cortland and Move For Hunger can continue to support those in need and fight for the wellbeing of our planet and future generations by preventing additional greenhouse gas emissions.

About Move For Hunger:

Move For Hunger is a national 501(c)(3) non-profit organization that has created a sustainable way to reduce food waste and fight hunger. We have mobilized the leaders of moving, relocation, and multi-family industries to provide their customers, clients, and residents with the opportunity to donate their food when they move. Members of Move For Hunger also organize community food drives, participate in awareness campaigns, and create employee engagement programs. For more information, or to find out how you can host your own food drive, visit https://moveforhunger.org/.

About Cortland:

Cortland is a vertically integrated multifamily real estate investment management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK.

Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, the Top Brand Performer for online reputation in 2020 (Reputation Score by https://reputation.com/property-management/), and is a Great Place to Work-Certified™ Company (2020). For more information, please visit http://cortland.com/.

Media Contact:
Micaela McGinley
Media Specialist, for Move For Hunger
micaela@kinshipcompany.com
(630) 770-9336

Cortland, a multifamily real estate investment management company, and Move For Hunger, a national hunger relief non-profit organization, announced a partnership that will not only help provide much-needed assistance to food banks across the United States but will also help to curb food waste and its resulting adverse impacts to the environment.

Related link: https://moveforhunger.org/

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Tag Archives: multifamily real estate investment management

Trion Properties Makes Largest Acquisition To Date With $108.75 Million Off-Market Acquisition In Highly Desirable Denver Submarket

Cortland and Move For Hunger Partner to Fight Hunger and The Environmental Impacts of Food Waste