Trion Properties, a boutique real estate firm based in Los Angeles, recently launched its second real estate fund, Trion Multifamily Opportunity Fund II. The fund is targeting a $50 million raise, which would give Trion approximately $150 million in buying power.
Trion’s niche is to acquire underperforming multifamily properties in supply-constrained, high-growth West Coast markets, specifically California, Oregon, Utah, Colorado and Washington, where the opportunity lies in increasing the net operating income and value through heavy renovations, rebranding of the assets and hands-on management through a vertically integrated platform. Since 2005, the predecessor fund, Trion Multifamily Opportunity Fund I, has acquired and renovated class B– and class B+ properties in California and Oregon and has invested in eight properties, according to Crowdstreet.
Trion has acquired more than $300 million in real estate and averaged investor returns more than 30 percent.
