Trion Properties Expands into Ground-Up Development

Trion Properties is expanding its business into ground-up development. The firm, which typically invests in value-add multifamily, has completed its first new construction project, a 28-unit apartment complex in Culver City called 5012 Apartments.

“Value-add multifamily will always be our core business, but we have always wanted to get into ground-up development to grow our business,” Max Sharkansky, a principal at Trion Properties, tells GlobeSt.com. “We bought this land site a few years ago. It was on a street where we already owned a building, and we saw the transition in that pocket with that building. As we were improving the property and improving the units, we saw that we were getting really strong residents, and we felt really good about buying a development site there.”

Culver City has evolved rapidly this cycle, and Trion has had success with other investments in the market, making it ideal for their first ground-up development. “We bought two more development sites in that area. One is shovel ready, and the second is currently going through entitlements,” says Sharkansky. “We are also under contract on a third site that is scheduled to close in April—but we’ll see how that goes.”