“San Leandro is thriving and experiencing tremendous revitalization, making it poised for long-term growth and investment potential,” says Sharkansky. “The enormous job growth throughout this region is driving demand for quality housing located in close proximity to transit options and major employers. We are bullish on the East Bay and have a proven track record in this market.”

Built in 1967 and 94% occupied at acquisition, this well-maintained community has strong in-place cash flow with tremendous upside potential, allowing Trion to strategically upgrade the property in order to bring rents up to market and increase net operating income.

The firm plans to modernize the property through strategic interior and exterior renovations. Interior renovations include the installation of vinyl plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes and bathroom upgrades.

In addition to these interior upgrades, Trion will completely rebrand the property through exterior improvements, including the installation of new signage, as well as significant upgrades to the leasing office, pool, fitness center and recreational center.

“This property is located only a block away from our Metro348 property on the same street. Metro348 boasts a strong and diverse mix of tenants, many of whom work in the technology and healthcare industries, including employers such as Uber, Kaiser and GE Health. Based on our enormous success in repositioning our existing Metro348 asset, the Bel Brook and Hideaway Apartments presents a unique opportunity for us to execute a similar value-add investment strategy and capitalize on the tremendous growth of this region, enabling us to generate strong cash flow and risk-adjusted returns to our investors,” says Sharkansky.

The property's close proximity to Trion's other East Bay assets will allow the firm to amass economies of scale and strengthen its operational efficiencies, according to Sharkansky. He notes that Trion recently acquired two value-add multifamily assets in Hayward and San Leandro last year.

Acquisition financing was arranged by Continental Partners through NXT Capital. John Leyvas Jr. and Brad Lehman of Newmark Cornish and Carey represented both the buyer and the seller in this transaction.

SAN LEANDRO, CA—The entire East Bay is undergoing rapid growth as tech giants and employers expand in the region. In addition to the region's technology sector growth, San Leandro is home to three of the Bay Area's largest craft breweries, a downtown district with a host of retail and restaurant amenities; a 750,000-square-foot mixed-use development, San Leandro Technology Campus, which will bring an estimated 1,800 tech jobs to the area and the San Leandro Monarch Beach, a 40-acre mixed-use development anticipated to break ground this year.

Indicating a bullishness for the area, Trion Properties and its joint-venture partner, DVO Real Estate, recently acquired Bel Brook and Hideaway Apartments, a 146-unit value-add multifamily property at 77-85 Estabrook St. for $36.6 million from the John Sullivan family. This is Trion Properties' fourth Bay Area acquisition in less than 15 months, bringing its existing Bay Area multifamily portfolio to a total of 262 units.

“The Bel Brook and Hideaway Apartments represents our largest multifamily transaction to date and our very first joint-venture partnership with DVO Real Estate,” Mitch Paskover, managing partner of Trion Properties, tells GlobeSt.com. “This acquisition met all of the criteria we look for in multifamily investments and is well aligned with our strategy of targeting value-add assets in supply-constrained markets with long-term growth potential. The property's close proximity to a BART station, coupled with strong employment growth in the technology and healthcare sectors, will continue to drive strong resident demand for this multifamily community, resulting in stable cash flow and attractive risk-adjusted returns to our investors.”

Max Sharkansky, managing partner at Trion Properties, notes that it is rare to source a multifamily asset of this quality and vintage in a supply-constrained market such as the East Bay, where demand for quality housing continues to outpace supply.

“San Leandro is thriving and experiencing tremendous revitalization, making it poised for long-term growth and investment potential,” says Sharkansky. “The enormous job growth throughout this region is driving demand for quality housing located in close proximity to transit options and major employers. We are bullish on the East Bay and have a proven track record in this market.”

Built in 1967 and 94% occupied at acquisition, this well-maintained community has strong in-place cash flow with tremendous upside potential, allowing Trion to strategically upgrade the property in order to bring rents up to market and increase net operating income.

The firm plans to modernize the property through strategic interior and exterior renovations. Interior renovations include the installation of vinyl plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes and bathroom upgrades.

In addition to these interior upgrades, Trion will completely rebrand the property through exterior improvements, including the installation of new signage, as well as significant upgrades to the leasing office, pool, fitness center and recreational center.

“This property is located only a block away from our Metro348 property on the same street. Metro348 boasts a strong and diverse mix of tenants, many of whom work in the technology and healthcare industries, including employers such as Uber, Kaiser and GE Health. Based on our enormous success in repositioning our existing Metro348 asset, the Bel Brook and Hideaway Apartments presents a unique opportunity for us to execute a similar value-add investment strategy and capitalize on the tremendous growth of this region, enabling us to generate strong cash flow and risk-adjusted returns to our investors,” says Sharkansky.

The property's close proximity to Trion's other East Bay assets will allow the firm to amass economies of scale and strengthen its operational efficiencies, according to Sharkansky. He notes that Trion recently acquired two value-add multifamily assets in Hayward and San Leandro last year.

Acquisition financing was arranged by Continental Partners through NXT Capital. John Leyvas Jr. and Brad Lehman of Newmark Cornish and Carey represented both the buyer and the seller in this transaction.