Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has announced two significant strategic initiatives to strengthen the company’s growth in the Southeast. did. He bought the community in his submarket of Puller in Savannah, Georgia for $38.45 million and promoted industry veteran David Moghavem to director of East Coast Acquisitions.
Max Sharkansky, Managing Partner at Trion Properties, said: “Despite the growing economic skepticism, we see opportunities in the Southeast to continue to actively seek value-added assets in this environment. As a testament to our extensive experience and innovative team, we place great value on strong leaders within our company who play a key role in continuing to scale and achieve results on behalf of our investors, tenants and the larger community. We are here.”
Acquisition of Pooler Station for $38.45 million
Trion was acquired through Pooler Station’s recent off-market transaction with a repeater private seller, leveraging its extensive network of individuals in the region to secure a below-market purchase price of $38.45 million. Yes, says Sharkansky.
“Our approach to multifamily acquisitions is based on strong and valued investor relationships,” says Sharkansky. “The seller reached out to Trion because of their positive experience with us in their recent transaction to purchase a Latitude in West Ashley, Charleston, South Carolina. We were able to close the deal off-market to the satisfaction of both parties. It is a win-win situation for both parties and this property is a strategic addition to our Georgia portfolio.”
In addition to Pooler Station, Trion now owns The Bluffs Portfolio of 297 units in Savannah. This portfolio consists of Osprey on the Bluffs and Heron on the Bluffs. The recently acquired Azure at Riverside is a 267-unit multi-family community located in the Atlanta submarket of Austell, Georgia.
Sharkansky said the Pooler Station acquisition builds on the company’s proven track record of investing in underutilized properties to improve neighborhoods and transform them into modern, attractive and affordable residences. Well aligned with strategy.
“Through our deep expertise in multifamily ownership and management, we identified Savannah as a market with tremendous potential,” says Sharkansky. “Georgia’s third-largest metropolis, Savannah, is expected to grow 14% in population between 2010 and 2020 and add about 33,500 new residents by 2035. is driven by significant ongoing and projected job growth in the city and significant migration to the southeast.In addition, Georgia is the economic center of southeastern Georgia and the fastest growing region in the country. The port of Savannah, one of the ports currently operating in employment growth bodes well for the apartment sector of the market.”
According to REIS Analytics, multifamily rents in Savannah have risen 20% over the past year, well above the national average, and are projected to grow 4.39% annually through 2026. Some of the highest median income in the Savannah region is expected to grow even faster at 4.67% over the same period, according to David Moghavem, newly appointed director of Trion’s East Coast acquisitions. said.
Built in phases between 2009 and 2016, Pooler Station consists of 22 two- and three-story timber-framed buildings containing 160 two- to three-bedroom apartment units averaging 1,067 square feet. increase. The property is located west of Savannah Market, within a 16-minute drive of Savannah/Hilton Head International Airport and within a 30-minute drive of downtown Savannah and the Savannah Harbor. Community common area amenities include a fitness center, outdoor pool deck, picnic area with barbecue grills, and garage.
Trion has implemented capital improvements to the property including updating the interior with market leading modern finishes including hardstone counters, upgraded cabinets, LVP flooring and washer/dryer installations in every unit. increase. During the period of company ownership, you will have the opportunity to improve your landscaping, build a new clubhouse, and update your exterior amenities.
“Through sophisticated and customized renovation strategies and hands-on management, we will maximize the value of this property, enhance the quality of life for our residents and ultimately provide higher returns for our investors,” Mogavem said. increase.
In addition to the Capstone team, Alex McDermott represented both Trion and the seller on this transaction.
The Pooler Station is located at 100 Oglethorpe Drive in Pooler, Georgia.
David Moghavem Promoted to Director of East Coast Acquisition
David Moghavem previously worked for Trion as Director of Acquisitions in Colorado and now leads the new role of Director of East Coast Acquisitions. Moghavem’s promotion is in line with the company’s larger strategic expansion, he said, Sharkansky.
“In his new role, David will continue to build the company’s portfolio while leading vertically integrated growth initiatives in the Southeastern United States,” says Sharkansky. “David’s substantial acquisition experience and impressive track record in the West will play a key role in the combined success of Trion’s strategic vision.”
As of 2022, Trion has acquired a total of $500 million in assets, of which $250 million is in the Southeast.
“With the company’s aggressive acquisition strategy in the Southeast, our goal is to surpass this year’s total acquisition value in 2023, but maintain discipline in our approach,” Sharkansky commented. “We want to source the ‘right’ deals that make sense in an environment of rising interest rates. is positioned as an ideal candidate to advance our expertise in
Since acquiring Trion’s first property in Colorado in 2020, Moghavem has personally led the acquisition of 1,514 units across the state, with a total asset valuation of $335 million.
“The most influential lesson I’ve learned throughout my career is that a company’s continued success stems from its strong internal culture and ability to make lasting external business connections,” Moghavem said. says. “Procuring successful off-market opportunities has been key to our rapid expansion in the West. We look forward to the opportunity to further develop our long-developed skills in the region. We are excited to launch and deepen our offerings to maximize regional and regional opportunities in the East.”