January 24, 2017
Los Angeles-based Trion Properties completed a repositioning and rebranding of Willow Glen, a 98-unit apartment community in San Diego, CA. The company notes the effort helped more than double the property’s value from $9.6 million to $19.4 million within 18 months.
Trion purchased the asset in June 2015 at an extremely low-cost basis with strong upside potential. That allowed the company to invest more redevelopment equity, including the completion of roughly $2.6 million in improvements to the overall design of the community, as well as interior renovations.
Trion’s Max Sharkansky notes the private equity investment firm’s “niche strategy” worked to stabilize the property and increase occupancy to 95%, “resulting in substantial risk-adjusted returns to our investors.”
Subsequently, Los Angeles-based Continental Partners secured a $12.85 million loan from Banc of California on behalf of Trion to refinance the asset.
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Tags: Apartments & Multifamily