Trion Properties isexpanding its business into ground-up development. The firm, whichtypically invests in value-add multifamily, has completed its firstnew construction project, a 28-unit apartment complex in CulverCity called 5012 Apartments.

"Value-add multifamily will always be our core business, but wehave always wanted to get into ground-up development to grow ourbusiness," Max Sharkansky, a principal at TrionProperties, tells GlobeSt.com. "We bought this land site a fewyears ago. It was on a street where we already owned a building,and we saw the transition in that pocket with that building. As wewere improving the property and improving the units, we saw that wewere getting really strong residents, and we felt really good aboutbuying a development site there."

Culver City has evolved rapidly this cycle, and Trion has hadsuccess with other investments in the market, making it ideal fortheir first ground-up development. "We bought two more developmentsites in that area. One is shovel ready, and the second iscurrently going through entitlements," says Sharkansky. "We arealso under contract on a third site that is scheduled to close inApril—but we'll see how that goes."