Trion Selling Washington Heights And Harlem Portfolio

March 4, 2017

Trion Real Estate Management is looking to sell a five-building portfolio in located in Washington Heights and Harlem, according to a Manhattan real estate publication.

The total size of the five-buildings adds up to 126,000 square feet, providing 111 rental units and 17 retail spaces.

Trion had bought the buildings in two separate deals in 2015 and 2016 for a total of $52.6 million. Sources familiar with the buildings told The Real Deal that the portfolio could be sold for up to $80 million — a price appreciation of 150 percent.

The buildings have a mix of free-market and rent-stabilized units, all of which Trion brought to full occupancy since their acquisition.

“We enhanced the properties by raising the rent roll and making capital improvements throughout,” Louis Pfaff, leader of the acquisitions, told The Real Deal.

The Harlem building, located on 2143 Adam Clayton Powell Jr. Boulevard, was bought by Treetop Development in 2012 for $8.7 million and sold to Trion for $21.5 million in 2015.

The four Washington Heights buildings, located on 554-558 and 565 West 181st Street, were bought by Crest Realties and Guardian Realty Management for a total of $23.5 million in 2014 and sold to Trion for $31.2 million in 2016.

The investment firm currently owns 2000 units in 37 buildings spread over New York and Connecticut.

Lead image via Google Maps

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