Trion Properties has launched its third fund to invest in value-add multifamily properties, as it expands across the West and Southeast.
Through Multifamily Opportunity Fund III, Los Angeles-based Trion wants to raise $75 million in equity with $200 million in buying power, it said. The minimum contribution is $50,000.
The firm will focus on properties up to 50 years old, and will undertake extensive renovations to add amenities like pools and gyms, Trion managing partner Mitch Paskover said. He runs the firm with managing partner Max Sharkansky.
The multifamily investment market has remained strong over the last year. Among the larger recent deals, Blackstone Group paid $1 billion in May for a 5,800-unit apartment portfolio in San Diego.
Paskover called the multifamily market “a safe haven” for investors.
Trion’s target investors are high net-worth individuals, family offices and endowments, he said. Larger investors like pension funds have not yet participated.
Fund III will acquire between eight and 12 apartment properties over the next two years. Trion will manage those properties and hold them for up to eight years. The fund recently made its first purchase: a 68-unit complex in Portland, Oregon.
Trion plans to open a Miami office soon and is looking closely at properties in Tampa, Florida, and Charlotte, North Carolina.
In 2019, Trion and Ketter Group filed to build a 58-unit development in L.A.
Three years before that, Trion launched a multifamily fund with $100 million in buying power, targeting L.A., the Bay Area, San Diego and Portland.
The firm owns 19 apartment buildings across California, Colorado and Oregon.