The company buys the 61-unit complex on Farmington for &7 million
Trion Properties acquired Hidden Villas, a 61-unit apartment community in Beaverton, from a private family investor for approximately $7 million, it was announced on Oct. 14.
Built in 1968, the property includes two separate parcels, a 56-unit apartment community known as Hidden Villas, and an additional five-unit property adjacent to Farmington Road. The acquisition of these five units facing the street will enable Trion a private equity real estate firm to increase the propertys frontage and visibility along the main highway. The purchase brings Trions multifamily portfolio in the area to a total of 215 units.
The apartment community is located at 14620 S.W. Farmington Road.
Beaverton is on the cusp of tremendous economic growth, driving significant demand for high quality housing options for residents throughout the area, said Max Sharkansky, Managing Partner of Trion Properties, in a press release. The regions rapid job growth, mass transit options and high quality of life are driving demand for well-located multifamily communities near major employers.
Sharkansky explains that Beaverton and the Portland metropolitan area, located in whats known as the Silicon Forest, is one of the most dynamic tech employment markets in the Pacific Northwest, and is home to a cluster of high-tech companies, including Intel, the largest for-profit employer in the state with over 17,000 employees. In addition, the area has also established itself as the sports apparel capital of the nation, with brands such as Nike and Columbia Sportswear taking up residence here.
Nike is currently undergoing a 3.2 million square-foot, $380 million expansion of its headquarters which is set for completion in 2018, adding thousands of new jobs in the next few years, said Sharkansky. This influx in new jobs will further increase the need and demand for quality housing in the area. This apartment communitys central location between these growing sports apparel and tech firms will aid in filling this deep need in the community for quality renovated multifamily product.
Trion Properties announced that it plans to implement a full exterior renovation which includes fresh paint and landscaping, as well as extensive interior upgrades to each unit, including new vinyl wood plank flooring, modern cabinetry, high-end finishes, and remodeling of the fireplaces.
By integrating these renovations, we are preserving and enhancing the value of the apartment community, while also providing quality housing that serves as a more affordable alternative to new construction, added Sharkansky. Given the high cost of construction for new multifamily development, rents at these properties are considerably higher than renovated multifamily communities. Our strategy of reclaiming and rehabilitating existing apartment communities will provide renters with more affordable options at a discount to new construction.