Trion Properties Sells 235-Unit Multifamily Portfolio in Bay Area for $86.5MM

Trion Properties, Highpointe Communities, Bay Area, San Leandro, Hayward, The Metro 77 & 85 Apartments, Andina Apartments, Los Angeles, Miami, Denver, Irvine

By Kate Snyder

Multifamily sales transactions in the Bay Area continue to be recorded. In one recent transaction that took place last year, Trion Properties announced that it sold two of its apartment communities in San Leandro and Hayward for a combined $86.5 million, or approximately $368,085 per unit. According to property records, the buyers were entities that shared an address with Highpointe Communities, a real estate development and management company based in Irvine.

Both the properties are located in the East Bay. The Metro 77 & 85 Apartments is a 146-unit community at 77-85 Estabrook St. in San Leandro, and the 89-unit Andina Apartments is at 1182 E St. in Hayward. Public records show that The Metro’s sale price was $52.8 million, or about $362,157 per unit, and the Andina’s sale price was $33.5 million, or approximately $376,404 per unit. 

“This past year provided excellent opportunities to capitalize on strong value growth in certain properties and geographic segments, and profitably sell assets in our portfolio,” Max Sharkansky, managing partner at Trion Properties, said in a released statement. “Growth in our Northwest U.S. portfolio enabled the divestment or recapitalization of seven properties in Oregon and another two in the highly valued East Bay area of San Francisco.”

Trion Properties acquired the Hayward apartments for $25 million, or about $280,898 per unit, in 2019, according to previous reporting from The Registry. The firm acquired the San Leandro complex for $36.6 million, or about $250,684 per unit, in 2017.

Founded in 2005, Trion Properties is a private equity real estate firm headquartered in Los Angeles and Miami, Fla. Trion focuses on multifamily investments in markets throughout the U.S. Since its inception, Trion has completed more than $1.4 billion in transactions with a portfolio of more than $1 billion in assets.

Overall, the firm expanded its total portfolio in 2022 to 5,805 units within geographies across the west coast and southeast United States. Trion announced that it added 11 new properties through nine transactions with a total acquisition value of more than $489 million and successfully completed eight dispositions as well as four recapitalization transactions with a total value of $308.5 million.

“Trion’s investment philosophy is to target select geographic markets where we can successfully operate throughout the real estate cycle—not just when times are good,” Sharkansky said. “We look for sustainable growth supported by a diverse set of strong economic drivers and favorable supply-demand dynamics. The current trends in Denver, the Pacific Northwest, and Southeastern U.S. make them ideal areas for Trion’s growth.”

West Coast Commercial Real Estate News