Trion Properties Acquires Apartment Community in Aurora
Trion Properties, a multifamily real estate investment company based in Los Angeles, Calif. and Miami, Fla., has acquired Trailpoint on Highline, a 198-unit apartment community located in Aurora.
Managing Director Nick Steele and Director Nate Moyer of Berkadia Denver represented the seller, Castle Hill Corporation, a private investment firm based in Austin, Texas. Berkadia Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matthew Robbins, and Vice President of Originations Abigail Beauchamp of Berkadia South Florida, secured acquisition financing on behalf of Trion Properties.
Freddie Mac provided a $28.324 million, fixed-rate loan with a five-year term at 68.4% loan-to-value and three years of interest only. The property was 96% occupied at the time of sale.
“Trailpoint on Highline’s central location relative to significant employers, retail, recreation and entertainment provided an exciting opportunity to acquire a well-located asset in a high-performing submarket,” said Robbins. “We were able to utilize Freddie Mac’s index lock feature to catch a dip in the treasury in order to deliver an aggressive fixed-rate coupon for our client.”
“The urban environment in a suburban setting continues to flourish in Aurora, drawing a new resident demographic seeking an attractive alternative to downtown Denver,” said Max Sharkansky, managing partner at Trion Properties. “With the Berkadia South Florida team securing strong financing terms on our behalf, Trion can now move forward with confidence on our proven value-add strategy to renovate the property to meet the needs of the changing demographic and heightened demand for quality in the area.”
“Aurora offers a high quality of life that is attracting more renters,” added Steele. “The cost of living is considerably lower than Denver, the long-term potential for economic growth is exceptional and it is attracting significant residential and commercial investment and development.”
Located at 10756 East Virginia Avenue, Trailpoint on Highline was built in 1984 and offers one- and two-bedroom apartments ranging from 630 square feet to 830 square feet. Individual units feature wood-style plank flooring, washer and dryer hookups, wood-burning fireplaces, spacious walk-in closets, private balconies and central heat and air conditioning. The pet-friendly community amenities include two heated swimming pools with sundecks, 24-hour on-site laundry facilities, and on-site management with courtesy package acceptance and patrol.