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Trion Properties Expands Bay Area Holdings with Latest Investment

Firm Pays $26.5 Million for 88-Unit Americana Apts. in Fremont
October 3, 2017
Los Angeles-based Trion Properties secured its fifth Bay Area asset in the last two years with the purchase of the 88-unit Americana Apts. in Fremont, CA for $26.5 million, or about $301,000 per unit.

Located at 4445 Stevenson Blvd., the garden-style complex is situated within five miles of Tesla's Fremont factory, a massive 5.3 million-square-foot complex that employs more than 6,000 people. That facility is set to employ another 3,100 more after the Fremont City Council approved a 4.6 million-square-foot expansion of the complex for Tesla's Model 3 production, a decision that is expected to continue to drive demand for quality housing in the submarket, said Max Sharkansky, managing partner at Trion Properties.

Trion plans to carry out a value-add initiative at the community in an effort to stabilize the asset and increase net operating income. These renovations will target interior and exterior upgrades, as well as a rebranding of the community to Parc 88. The community will also benefit from the extension of the BART line, which is scheduled to wrap up next year.

"This asset was a rare find, as it was well-maintained for its vintage while presenting huge upside potential," added Sharkansky. "Our previous experience in the area and our vertically-integrated property management platform will allow us to reposition this apartment community into a competitive complex that will improve our residents’ quality of life and result in favorable returns."

The investment brings Trion's multifamily holdings in the Bay Area to 350 units.

Shivu Srinivasan of NAI Northern California represented Trion Properties in negotiations, while Victor Makras of Makras Real Estate represented the Jones family, which had owned the property since its construction in 1966.

Continental Partners placed a $19.75 million bridge loan for the acquisition and $10.75 million of joint venture equity for the asset.

Please refer to CoStar Comp #4017952 for more information on this transaction.
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