SACRAMENTO-As GlobeSt.com previously reported, Los Angeles-based Trion Properties has recently acquired a 185-unit apartment community located in North Highlands, CA, a suburban submarket of Sacramento. The property was purchased for $9.3 million or roughly $50,000 per unit, from a Texas-based seller motivated to sell its west coast assets.
In an update to that article, Max Sharkansky, managing principal at Trion Properties, tells GlobeSt.com that the firm has been active in the Sacramento market because “unlike the primary markets in California, the Sacramento market was more adversely affected during the recession which gives us the opportunity to cast a wider net in acquiring distressed and value-add assets.”
The Sacramento multifamily market is also seeing a significant improvement in fundamentals because of the economic recovery and expansion of local industries, such as health care, adds Sharkansky.
“We are currently targeting value-add and opportunistic acquisition opportunities in primary and secondary markets throughout California. The core of our business model has always been to acquire properties where there is an opportunity to significantly increase the NOI because current ownership is either mismanaging or passively managing the asset.”
Sierra Village is a perfect example of that, he adds.
Sierra Village completes the firm’s fourth multifamily acquisition in the Sacramento market. “We look forward to having a significant presence in the market,” he says. “The property is well-positioned to compete against all other properties in the submarket and it will benefit from the area’s improving fundamentals as well as our local expertise.”