November 20, 2019 – Trion Properties, a private equity real estate firm that specializes in multifamily investments in western markets, has expanded its Bay Area portfolio with the acquisition of The Meadows, an 84-unit multifamily community located in Newark, California for $27.5 million.
South East Bay cities have benefited from a Silicon Valley spillover, and the region is experiencing unprecedented population growth and employment boom, according to Max Sharkansky, Managing Partner at Trion Properties.
“Newark has become one of the fastest-growing cities for top tech businesses to either expand or relocate,” explains Sharkansky. “With Facebook recently announcing that it will be leasing nearly 1.5 million square feet within two miles of The Meadows, the area is positioned for further growth and resident demand. The asset fits into our investment strategy seamlessly, based on the strong location and potential for upgrades to enhance the quality of this product.”
Along with Facebook, Tesla, Amazon, HP, Sysco, Boston Scientific, Logitech, and other major firms have offices in the immediate neighborhood.
Sharkansky also notes that while Newark has experienced significant growth in the recent years, the average rental rates remain an attractive value alternative to many neighboring Bay Area cities, which will continue to drive potential renters to the city.
“We immediately recognized the long-term appeal of this property to residents across demographics,” explains Andrew Lucas, Director of Capital Markets at Trion Properties. “The Meadows is strategically situated between Oakland and San Jose, with close proximity to other major cities including Palo Alto and San Francisco, offering prime access to jobs and social activities. The apartment community is also located near excellent area schools, adding to its desirability.”
The property, built in 1966, will undergo extensive renovations and a rebranding, according to Farhan Mahmood, Managing Director, Acquisitions at Trion Properties.
“This acquisition is an opportunity to implement our proven value-add renovation strategies to modernize the community and bring rents up to market,” states Mahmood. “We will leverage our experience in the East Bay and current portfolio, including multifamily properties in Fremont, San Leandro, and Hayward, to optimize the asset’s appeal and efficiencies.”
The Meadows features a mixture of one-, two- and three-bedroom units, all with private patios or balconies and walk-in closets.
According to Mahmood, Trion Properties plans to makeover units with stainless steel appliances, quartz countertops, vinyl plank flooring, new cabinetry, Bluetooth locks, upgraded bathroom vanities, and in-unit washers and dryers. Exterior upgrades will include landscaping and new signage to reflect the rebranding.
The Newark Community Center Park and Lakeshore Park are easily accessible to the property and offer walking trails, picnic areas, and tennis courts for public use. Further, The Meadows is located within a 15-minute walk of a Sprouts, plus several other local retailers and restaurants.
The property is located at 35750 Bettencourt Street in Newark, California.