A 64 unit newly developed asset acquired two weeks after certificate of occupancy. The developer was thoughtful in design and layout and presented an excellent opportunity for Trion Properties to buy a newly constructed asset below replacement cost. The city of Gresham is the manufacturing and distribution hub of Portland with 45 million industrial square feet and as of the time of acquisition, had the lowest vacancy in the Portland metro. Gresham is benefitting from the convergence of two major forces, a flock to affordability and a continued economic expansion tied to the rise of the e-commerce industry.
- No. of Units 64
- Acquisition Date October 6, 2020
- Acquisition Price $12,000,000
- Total Capitalization $13,000,000