LOS ANGELES, CA—Trion Properties has purchased two multifamily properties for a total of $7.25 million, in two different transactions. The properties are located in El Cajon, Calif. and Sacramento, Calif.
Trion purchased a 22-unit apartment building in El Cajon. The property, which was operated by the same owner for the last 20 years needed a proactive business plan and more active management. After the building is stabilized, it is likely to be sold or refinanced.
“This is another opportunistic turnaround project for us. We estimate that it will yield a 7.5% cap on cost for our investors,” said Max Sharkansky, CEO of Trion Properties, in a statement.
In the second acquisition, Trion purchased a 128-unit apartment in Sacramento for $4.9 million. The 60 percent vacant property has suffered from mismanagement and a long bankruptcy litigation process. The property will be repositioned through rebranding and aggressive management.