TRION ACCESS FUND LLC

  • Summary

    Summary

  • Strategy

    Strategy

  • Diligence

    Diligence

  • Team

    Team

  • Record

    Track Record

  • Terms

    Terms

  • Documents

    Documents

  • Closed

Trion Access Fund LLC

Investment Overview

  • Summary

    Summary

    Fund Overview

  • Strategy

    Strategy

    Investing in Multi-Family Residences

  • Diligence

    Due Diligence

    Independent 3rd Party Fund Diligence Report

  • Our Team

    Team

    Real estate professionals with 50+ years of experience

  • Track Record

    Track Record

    Trion Historical IRR over 40%

  • Terms

    Terms

    Summary of Investment Terms

  • Documents

    Documents

    Executive Summary, Presentation, PPM ...

Investment Summary

Fund Type

fund

Multi-Family Residences

Trion Targeted Return

14-16%+

Distributions

Quarterly

Min. Fund Investment

$50,000

Expected Close Date

Nov. 6, 2020

Limited spots available to invest

Trion Investment Overview

Trion Multifamily Opportunity Fund II, LLC (“Trion”) is seeking to raise up to $50 million in capital to acquire under-performing apartment buildings in supply-constrained, high-growth West Coast markets, specifically California, Oregon, Colorado, Washington, and Utah. Trion creates value and returns for its investors through increasing the net operating income through heavy renovations, re-branding of the assets, and hands-on management. Trion’s investment manager has already acquired over 3,000 apartment units totaling over $400 million in purchase value and generated a greater than 40% net IRR. Trion is targeting annualized returns of 14% – 16% over a 5 – 8 year period.

  • Performance

    Realized Net IRR of 40%+
    14% to 16% Targeted Annualized IRR
    Over $500 Million Total Capitalization

  • Experience

    Over 15 Years of Experience in West Coast Real Estate Markets
    Collective Experience with Over $1 Billion in Transactions

  • Investments

    Over $400 million in Acquired Assets
    Over 3,000 Residential Units Acquired
    2 Funds Under Management

Trion Access Fund LLC

Trion Access Fund LLC (the “Access Fund”) is raising capital to invest in Trion Multifamily Opportunity Fund II, LLC. The Access Fund is raising capital through a “feeder fund” structure called an access fund by aggregating up to 100 investors at a minimum investment of $50,000 each and will invest the capital into Trion. Since the Access Fund will aggregate many investors representing a multi-million investment, the Access Fund has negotiated to receive a 10% preferred return, followed by 80% of the remaining profit from Trion. The Access Fund has special investment terms into Trion as compared to other investors who invests directly into Trion in an amount up to $250,000 who will only receive an 8% preferred return and 74% of profits.

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Key Considerations

  • Access to an Institutional Fund - The Access Fund provides individual investors with access to Trion with a $50,000 minimum investment.
  • Experience - Trion is a highly experienced investment manager with over 15 years of combined experience in west coast real estate markets and over $400 million in acquired assets.
  • 10% Preferred Return – - The Access Fund has negotiated to receive a 10% preferred return from Trion followed by 80% of the remaining profit. Trion is targeting annualized returns of 14% to 16%.
  • Proven Track Record – Since inception, Trion has generated a historical net IRR of 43%+ on sold properties and an average equity multiple of 1.9x.
  • Attractive Investment Niche – Trion has expertise in purchasing and renovating neglected and undermanaged multifamily residences that require largely cosmetic upgrades in established West Coast markets.
  • Unique Strategy – Trion uses vertically-integrated entities to source funding for its acquisitions, develop and rehabilitate assets, perform ongoing general maintenance, and successfully manage its properties.

Trion Service Partners


  • Fund Administrator


  • Fund Counsel


  • Fund Auditor

Access Fund Service Provider


  • Administrative, Tax and Accounting Services

Why Invest Through a Fund

  • FAVORABLE FINANCING

    Trion will take advantage of a historically low interest rates and favorable financing terms at a time when basic SFR investment fundamentals are showing continued strength.

  • INSTITUTIONAL OVERSIGHT

    As an institutional investment manager, Trion will review every aspect and decision related to the acquisition, finance and ongoing operations of the properties.

  • PORTFOLIO DIVERSIFICATION

    The Trion Fund will be a diversified group of multi-family residence properties.

  • PROVEN TRACK RECORD

    CityVest searches for institutional investment managers who have a strong historical track record with IRR returns well over 10%.

Why Real Estate?

  • Diversification

    Real estate investments are considered a non-correlated alternative asset class.

  • Cash Flow & Appreciation

    Stabilized real estate generally benefits from regular and predictable cash flow.

  • Low Interest Rate

    Historically low interest rates may allow real estate to generate higher cash flows.

  • Income Tax Treatment

    Ordinary income can be minimized through the use of an accelerated depreciation strategy that may generate passive losses.

  • Hedge Against Inflation

    Rents, land values and replacement costs typically move upward with inflation.

  • Multiple Exit Strategies

    Real estate assets can be disposed of through individual or portfolio liquidations, asset refinancing, mergers, or a “roll up” through a portfolio capitalization.

Trion Overview & Strategy

Trion Properties is a forward thinking, vertically-integrated real estate investment firm. The firm redevelops underutilized apartment buildings in improving neighborhoods into modern thriving communities. Trion’s business model over the last ten years has been to acquire opportunistic multifamily properties that require a specific strategy to improve the property and increase income and valuation. Trion’s value-add renovations have included light cosmetic renovation to the common areas and interiors of the units, vacant buildings where all major systems need to be replaced due to several years of deferred maintenance, or acquiring nonperforming debt secured by multifamily real estate and/or lender real estate owned (“REO”) where diligence was limited or nonexistent.

  • Trion intends to renovate and stabilize each multifamily real estate asset within roughly 24 months following acquisition. Trion generally will retain each asset for approximately three to five years following stabilization and/or cash out refinancing of the asset.
  • Transform various multifamily assets into clean, modern apartments.
  • Market to adults with the discretionary income to afford contemporary lodging.
  • Upgrade and develop aesthetic and amenities to appeal to higher-paying residents.
  • Create a distinct Trion Properties look and feel among entire apartment portfolio.


Trion Fund Objectives

Trion seeks to produce attractive risk-adjusted returns investing in real estate assets. Trion will focus primarily on acquiring and renovating undervalued multifamily properties in West Coast markets, specifically California, Oregon, Colorado, Washington, and Utah.

  • Real Estate
    Focused

    Provide investors with a real estate focused investment opportunity that combines income, principal investment growth, and capital preservation.

  • Capital Preservation

    Capital preservation is a key fund design feature. Assets are purchased well below replacement value.

  • Asset Underwriting

    Asset level underwriting of 7-10% gross on invested cash, dependent on projected days owned based on project scope.

  • Investment
    Cycling

    Cycling investment cash between 2-3x per year in new assets drives asset level returns to 14% to 30% per year.

The Management Team

Trion’s management team (the “Manager”) has more than 15 years of real estate experience in West Coast markets and is based in West Hollywood, California. The Manager has purchased more than 54 multifamily assets totaling over 3,000 apartments over the last decade with a key competitive advantage lying in its ability to be vertically integrated providing vital benefits such as reliable access to capital, complete oversight on renovations and developments, reduced contracting costs, and accelerated timelines.

Opportunity

Trion specifically targets urban population centers in high performing West Coast markets that have strong demand multifamily residential properties, ample tech, entertainment, and service industry employment, as well as a robust young professional class and high barriers to entry. In particular, Trion is focused on submarkets within California, Oregon, Colorado, Washington, and Utah

Highly Disciplined Approach

  • Targeted Investments

    Trion concentrates on purchasing off-market or mis-marketed properties at a low basis, target investments with the opportunity to renovate and reposition the property, take a design-driven approach to renovating and repositioning the properties to a significantly higher level than its competitors, and capitalize the properties with a favorable capitalization structure.

  • Due Diligence

    Trion also performs block-by-block extensive due diligence to analyze neighborhoods based on employers, restaurants, nightlife, and other attractions, as well as narrow in neighborhoods with high walkability indexes

  • Deal Size

    Trion focuses on value-add target deal sizes of $10 million - $100 million and ground-up development deal sizes of 30 – 150 buildable units.

Asset Sourcing

Trion leverages their strong relationship with the broker community across the west coast to source investment opportunities.

  • Capital Preservation

    Trion focuses on acquiring largely off-market properties to avoid bidding wars.

  • Asset Underwriting

    Trion also plans and incorporates rehabilitation and development strategies into the budget before underwriting potential acquisitions.

  • Vertical Lending

    Trion leverages the expertise of its sister company, Continental Partners, which enables its use of a vertically integrated lending company to source debt.

Return Targets

Diverse workforce and student housing investment portfolio targeting a 3-5 year buy/fix/sell proforma. Distributions are quarterly during the fund life and Trion is targeting annualized returns of 14 – 16% over a 5 – 8 year period.

Operating Efficiencies with Vertical Integration

  • Property Sourcing

    In-house dedicated call-center and related asset sourcing and underwriting team.

  • Construction

    Wholly-owned construction subsidiary greatly reduces construction costs and delivery times to generate higher returns.

  • Brokerage

    Internally owned brokerage dedicated to servicing Trion assets, leading to dramatic improvement in total asset hold times.

Trion Due Diligence Report

Prepared By: Buttonwood Investment Services LLC - September 09, 2020

Building Wealth In Real Estate - CityVest

CityVest requires that all Investment Fund Managers/General Partners meet certain minimum criteria when being considered for inclusion on the CityVest platform. Buttonwood Investment Services LLC has been engaged by CityVest to conduct a third party due diligence verification on the following aspects of the investment fund manager:

  • Current property portfolio
  • Principal experience
  • Manager/GP Co-investment
  • Property sales/dispositions
  • Principal succession
  • Background check/review

Buttonwood has verified the due diligence information and below is a review of the findings.

Building Wealth In Real Estate - CityVest

700 N. San Vicente Blvd., Suite G860
West Hollywood, CA 90069

http://www.trion-properties.com

Real Estate Acquisition Experience

Buttonwood has verified that the Fund Principals have a minimum level of $50 million of combined lifetime acquisition cost as a General Partner or Managing Member of an entity that owns real estate. Applicable experience includes those situations where the Principals had equity invested and at risk in the project(s) and day-to-day involvement in the management and ownership of the project(s).

Criteria Has Been Met

Current Portfolio Value:

$408,102,900

Value of Property Dispositions:

$164,966,302

Real Estate Principal Experience

Buttonwood has verified that the Fund Principals have a minimum level of combined lifetime experience in the real estate field. The Combined Minimum Principal Experience is 15 Years and a Principal is defined as someone who was a General Partner or Managing Member of an ownership entity with real cash equity invested, and at risk, in the project and with day-to-day involvement in ownership.

38+ Years Combined

True Principal Experience

38+ Years

Years as Current Company

15 Years

Key-Man Succession Insurance

Buttonwood has verified that the Fund maintains a “key man” insurance policy on at least one or more key members of Manager/General Partner management. This requirement is in place to ensure that the Managing entity has the financial resources to maintain operations in the event that a key Principal is incapacitated.

Policies must have the following provisions:
• The policy names the Manager/General Partner or the underlying project entity as the entity to be paid upon exercise of the policy.
• The policy has a minimum coverage amount of $1 Million.

Criteria Has Been Met

Policy Payable Party

Validated

Policy Coverage

Validated

Manager Co-Investment

Buttonwood has verified that the Fund Partners invests in the funds they are offering alongside their investors.

Investment requirements include:
• An investment of at least 2.50% of the total targeted raise amount; or
• A minimum investment of $500,000.

Criteria Has Been Met

Manager Co-investment

Validated

Manager Co-investment Amount

5.0% co-invest
up to $2.5 million

Public Information Search

Buttonwood has reviewed publicly available information sources to confirm management identity and claims. Further, this review is conducted to help identify any objectionable material that may demonstrate character issues or that may impact the Manager’s ability to successfully manage real estate assets.

Criteria Has Been Met

Adverse Reporting/Articles/Findings

Web search for relevant news articles and reporting on any sponsor or manager activities that may impact or inform their ability to manage real estate.

None Reported

Adverse Social Media Profiles

Search of common social media platforms for profiles that contain offensive content or material relevant to ones moral turpitude.

None Reported

LinkedIn Search

Search of LinkedIn to confirm professional experience conforms with reported experience.

Validated

FINRA Broker-Check

Buttonwood has reviewed FINRA databases to confirm that all Principals are screened to identify any past disciplinary actions related to employment at brokerage firms.

No Actions

SEC Filings

Buttonwood has reviewed all filings made by the manager to the SEC. The Securities and Exchange Commission (SEC) requires certain financial statements and other formal documents to be submitted to them regularly. Public companies, certain company insiders–which the SEC defines as officers, directors, major stockholders, and employees of a public company–and broker-dealers are required by the SEC to make regular filings. Financial professionals and investors rely on the information that the SEC makes public in order to make prudent decisions when they are evaluating a company for investment purposes.

None Reported

Management Background Review

Buttonwood conducted a background search on the primary principals of the Manager/General Partner as well as on the primary entities. This background check is designed to reveal liens, claims, judgements, bankruptcies, criminal convictions, lawsuits, etc.

No Issues Found

Lawsuits

None Reported

Other Legal Matters Current or Pending

None Reported

Criminal Filings and Convictions

None Reported

Judgements and claims

None Reported

Bankruptcies

None Reported

Liens (greater than $10,000)

None Reported

UCC Defaults

None Reported

Buttonwood Diligence Disclaimer

This above Due Diligence Report including all information disclosed (“Report”) by Buttonwood Investment Services LLC is intended to be used for informational and discussion purposes only. Furthermore, this Report is not intended to cover all facets of the due diligence process that a potential investor may require and this Report is not designed to replace those due diligence efforts. This Report is simply designed to provide basic summary information pertaining to a Manager or General Partner and it should be noted that Buttonwood Investment Services is not involved in any decisions made by CityVest Capital Inc or the individual investor and makes no recommendations regarding specific investment opportunities. This report has been prepared for and is to be used exclusively by CityVest Capital Inc., unless as otherwise specifically indicated in the report.

Target Markets of Trion

Management believes this is the “best real estate in the US” based on overall desirability, strong housing demand, weather, culture, entertainment, business centers, infrastructure, transportation, shopping and educational opportunities. There are limited-to-no housing starts under the $800K price point for one simple reason: average land costs + construction costs preclude profit. Trion acquires SFR assets at values under replacement cost. Huge mismatch of supply and demand (LA Times July 26, 2017). In other words, the supply of sub-$800,000 low-to-mid-tier SFR is limited and constrained while demand is the largest in the US.

Trion Fund Management Team

Trion has assembled a team of motivated real estate professionals with a combined 50+ years. John Kralik has purchased, renovated and sold over 5,000 SFRs since 2009. Trion is a seasoned vertically integrated real estate operator with a full in-house team providing deal sourcing, construction management and brokerage.

  • Max Sharkansky

    Max Sharkansky

    Co-Founder & Managing Partner

  • Mitch Paskover

    Mitch Paskover

    Managing Partner

  • Farhan Mahmood

    Farhan Mahmood

    Managing Director of Acquisitions

  • Andrew Lucas

    Andrew Lucas

    Director of Capital Markets

Co-Founder & Managing Partner

Max Sharkansky, co-founder of Trion Properties, oversees all aspects of acquisition, disposition, and property analysis for Trion Properties. Since founding Trion Properties, Max has led the acquisition, renovation and disposition of over $300,000,000 in mismanaged and distressed assets, primarily in multifamily, yielding an average IRR in excess of 30%. Max launched the foray into investments with two acquisitions of value-add multifamily properties in 2005. Following the first two closings, Max, along with partner Mitch Paskover, created the platform and formed the Company in 2006 to execute a business plan of acquiring mispriced and mismanaged properties throughout Los Angeles. Max led Trion in the execution of several acquisitions in its first two years of existence and exiting the portfolio prior to the economic crisis. With cash on hand and no resources tied up in workouts, Max assisted in implementing an acquisition strategy of targeting distressed debt secured by multifamily, and distressed multifamily REO's, which led to the ultra-successful campaign of the acquisition of 20 properties throughout the downturn. Since the recovery and the clearing of distress from the marketplace, Max has shifted strategies to the acquisition of value-add properties where value can be created through extensive renovations, hands-on management, and improvement of operating efficiencies.

Prior to co-founding Trion Properties, Max was a Senior Associate at Marcus & Millichap from 2002 through 2006. While at Marcus & Millichap, Max managed the sale of several million dollars in real estate throughout the continental United States, specifically in the multifamily arena, elevating him to one of the top-ranking brokers in Los Angeles, California.

His ability to seek out and acquire distressed multifamily properties and his expertise of the marketplace has been instrumental in the success of Trion Properties.

He graduated from Loyola Marymount University where he earned a Bachelor's degree in Business Administration with an emphasis on Finance.

Managing Partner

Mitch Paskover, co-founder of Trion Properties, has responsibility for the financial activities of the firm, including work on acquisitions, dispositions, asset management and expansion planning. Paskover brings his 18 years of experience in the multifamily industry to bear on this role. Since co-founding Trion in 2006, he has helped direct the acquisitions of 42 properties consisting of over 2,050 units valued at $350 million. He was also instrumental in the raising of Trion’s first fund, Trion Opportunity Fund I.

During the course of his career in commercial real estate, Paskover has been involved in over $2 billion in commercial real estate transactions. Prior to co-founding Trion Properties, Paskover was a Managing Director in the Los Angeles office of HFF. His primary focus was on debt and equity transactions including multifamily, office, retail and hospitality properties, with an emphasis on multifamily.

As a company leader, Paskover values Trion’s relationships, strong reputation, and employees as keys to its continuing growth and success. He takes pride in the positive returns Trion has created for its investors.

Paskover is a recognized industry expert, serving as a panelist and moderator at high-level commercial real estate conferences, as well as an industry spokesperson in major national media. He graduated from the University of Southern California with a Bachelor of Science Degree in Business Administration with a Finance concentration, and is a licensed California Real Estate Broker.

Managing Director of Acquisitions

Farhan Mahmood is responsible for sourcing, structuring and financing Trion Properties investment opportunities. He has over 7 years of commercial real estate experience in valuation, disposition and acquisitions of numerous property types nationwide. Since joining Trion Properties, Mahmood has successfully initiated acquisitions of non-performing loans, REOs and value-add multifamily and commercial projects that have led to stellar returns for Trion investors.

Prior to working at Trion Properties, Farhan Mahmood was an integral member of the commercial group at Auction.com Commercial, a distressed debt and REO sales platform. There he was responsible for the sourcing, management and sales of over $500MM in distressed real estate assets for special servicers, banks and institutional sellers.

He began his career in the real estate valuation and consulting practice of Duff & Phelps. There Mahmood completed valuation analysis on high-rise office buildings, luxury apartments, senior housing, condominium developments, regional malls, industrial parks, hotels and other special use properties as a third party underwriter for Pension Funds, REITS, investors and banking institutions. Projects included the valuation of the $3.2 Billion CalPers CURE (California Urban Real Estate) portfolio, the Downtown Los Angeles G.H Palmer Portfolio and Dodgers Stadium among others.

A native of Southern California, Farhan graduated from the University of Southern California with a Bachelor's Degree in Business Administration with dual emphasis in Real Estate Development and Real Estate Finance.

Director of Capital Markets

Andrew Lucas is responsible for sourcing new investors and maintaining relationships with current Trion Investors. Andrew has extensive experience in finance, investor relations, and both commercial and residential real estate. He has spent his career being a trusted resource for his clients.

Prior to joining Trion, Andrew was a Vice President at Wilshire Finance Partners where he led the firm’s capital raising efforts. Andrew was instrumental in the launch and growth of two real estate debt funds and in establishing relationships with multiple institutional companies. Before moving to Wilshire, Andrew was a multifamily real estate broker at Colliers International and was a key member of Colliers’ top producing brokerage team in greater Los Angeles.

He began his career as a loan officer with NVR Mortgage where he originated and closed residential purchase mortgages for Ryan Homes, one of the nation’s largest home builders. While at NVR Andrew was inducted into the prestigious President’s Club which honors achievements in capture rate, customer service, and profitability.

Andrew is active in his community and is a board member of The Wildwoods Foundation, a Los Angeles based non-profit and was the head coach of Pepperdine University’s Men’s Club Lacrosse team from 2012-2014.

Andrew holds a Master of Business Administration from the University of Baltimore and a Bachelor Degree in Communications from the University of North Carolina

  • Max Sanchez

    Max Sanchez

    Director of Operations

  • Rudy Boroomand

    Rudy Boroomand

    Director of Finance/Corporate Controller

  • David Moghavem

    David Moghavem

    Director of Acquisitions

  • Kareline Deker

    Kareline Deker

    Marketing Operations Manager

Director of Operations

Born and raised in Santa Monica, California, Max Sanchez was first introduced to real estate in November of 2000 as an assistant for a privately owned property management company based out of Hollywood. Sanchez quickly moved up from administrative assistant to property management which gave him a background in all aspects of property management, including construction, leasing, marketing, and general operations. Following his stint in third party management, Sanchez went in-house to a condo converter where he polished his skills in construction management and cost efficiencies.

Sanchez joined Trion Properties in 2007. He is currently the Director of Operations for the firm. He oversees over 500 multifamily units and over 40,000 feet of commercial throughout California and supervises over 25 employees. He oversees all property management for the company and acts as the Project Manager for all of Trion Properties’ assets.

Director of Finance/Corporate Controller

Rudy Boroomand, Director of Finance/Corporate Controller, is responsible for all accounting, financial reporting, HR, and administrative functions for Trion Properties and its affiliated companies. He has more than a decade of experience in real estate from managing banking relationships, investor reporting, treasury management, systems management & implementation, lender compliance, and the timely completion of partnership tax returns and delivery of K-1s to investors. Since joining Trion Properties, Rudy has implemented appropriate internal controls, established policies and procedures, materially improved financial reporting, and has proven to be a vital asset to the acquisitions, leasing, property management, and executives at Trion.

Prior to joining Trion Properties, Rudy was the corporate controller for Realty Mogul, the leading online crowdfunding company sourcing debt and equity investments for accredited high net-worth individuals. During his tenure, he was responsible for all accounting and HR functions for this newly formed start up and worked closely with the asset management and operations teams on reviewing sponsor provided financials, completing routine updates to investors, and general ad hoc financial support. Before working at Realty Mogul, Rudy was the corporate controller for National Asset Services. Alongside the company’s founder, he helped start this $2bilion asset and property management company that represents over 90 ownership groups. In his role, he was responsible for both corporate and partnership reporting, worked closely with outside tax firms on the timely completion of partnership tax returns, provided financial support to the asset management team, handled all HR matters, and worked closely with the sponsor’s court appointed trustee on all financial and compliance matters.

Originally born in Michigan, Rudy and his family moved to southern California when he was a young child. He graduated from California State University Northridge where he earned a Bachelor's degree in Accountancy.

Director of Acquisitions

David Moghavem is responsible for sourcing, structuring, and financing Trion Properties investment opportunities. Born and raised in Los Angeles, David has a keen knowledge for submarkets in the area and continues to source ground-up development opportunities for the firm. David is also responsible for sourcing value-add investment opportunities in select markets. David is a member of several networking and social groups in the industry, and is a cabinet member of the Jewish Federation Real Estate Chapter. Prior to joining Trion, David developed a strong underwriting experience from previously working at George Smith Partners as an analyst, performing both debt and equity modeling on various commercial properties. He then joined Trion’s acquisition team in 2015 and has grown with the firm ever since. David graduated from Boston University with a Bachelor’s Degree in Business Administration and a dual emphasis in Real Estate Development and Real Estate Finance. David has also taken various real estate development courses at University of California Los Angeles. David also works on value-add multifamily opportunities with his family, owning over 30 units in greater LA. In his free time, David enjoys cooking “farm to table”, harvesting his own produce and herbs and integrating them into in his dishes. David also enjoys swimming, surfing, yoga, and golf. As an LA native, David is and avid Laker and Rams fan.

Marketing Operations Manager

Kareline Deker has been part of Trion Properties since 2013. After taking a year off to travel across Europe with her husband, we are happy to welcome her back on our team. Kareline is responsible for developing & implementing strategic marketing plans for our new assets and setting up estimates and budgets for our marketing campaigns. She is responsible for tracking leasing and advertising analytics and works very closely with our property managers to maximize occupancy and rent value for all of our assets.

Kareline oversees all of our websites, social media platforms and portfolio-wide trends of our growing portfolio throughout California and Oregon.

Born and raised in the south of France, Kareline is trilingual speaking French, English & Armenian. She is a licensed Notary Public in the State of California and has a marketing certification from UCLA.

  • Jorge Velasquez

    Jorge Velasquez

    Regional Manager

  • Lauren Feder

    Lauren Feder

    Acquisitions Analyst

  • Lucia De Las Heras

    Lucia De Las Heras

    Property Accountant

  • Maddie Carlin

    Maddie Carlin

    Administrative Assistant

Regional Manager

Jorge joined Trion Properties in 2018 as a Senior Property Management Associate. He comes with over 9 years’ of experience in the industry working in both conventional and non-conventional properties. He has overseen multiple assets in various regions that include, Los Angeles, Hollywood, West Hollywood, Santa Monica, San Fernando Valley and the Inland Empire. Jorge has extensive experience in operations dealing with ongoing projects, renovations, capital improvements, onsite development and conflict resolution.

Jorge is responsible for the day to day operations of both the California and Oregon multi-family portfolio. His duties include the training, development and onboarding of new employees. He assists the operations team with the implementation of new company practices, new hires, due diligence of new acquisitions, dispositions, budget preparations, portfolio reviews, problem resolutions as well as property site visits.

Jorge holds a Bachelor’s of Science in Biological Science from the University of California, Irvine. Jorge worked in bio research; conducting dissections, homogenizations, as well as electrophoresis. He shifted gears from Bio Research to his now career in in property management in 2009. He began as a property manager and rapidly moved up the corporate ladder. If you ask him what keeps in the field, he will tell you “I enjoy that in this industry, there is a never a dull moment. There is always a new fire to put out each and every day.”

Acquisitions Analyst

Lauren Feder is our Acquisitions Analyst. Her main responsibility is to underwrite potential acquisitions presented to Trion, inspect various due diligence items during escrow, and facilitate closing process during refinance or sale.

Prior to joining Trion, Lauren was a member of the JRK Property Holdings Hotel Group, a real estate private equity firm located in Los Angeles. During her time with the JRK Hotel Group, she assisted in management and operations of the firm’s portfolio of branded and independent hotel properties.

Lauren received a Master’s Degree in Hotel Administration from the Cornell Hotel School and a Master’s Degree in Business Administration from the China Europe International Business School.

Property Accountant

Lucia De Las Heras is our Property Accountant. She specializes in addressing all financial matters, ensuring account balances and accuracy of all ledger information.

Born and raised in Madrid, Spain, Lucia received her B.Sc. in Economics and International Business in Madrid. She moved to Los Angeles CA in 2014 to complete her education in Finance at UCLA Luskin School of Public Affairs. Lucia is bilingual speaking English and Spanish.

Lucia is responsible for overseeing daily and monthly accounting functions for multiple entities in a fast paced-environment for both residential properties and corporate entities. She prepares timely financial statements for both corporate and real estate entities.

Lucia has a strong background in real estate and property management. Prior she was a member of Westside Habitats. She supervised a high-volume accounts receivable and payable department and developed and implemented processes to increase efficiency and precision.

Administrative Assistant

Maddie Carlin joined Continental Partners/Trion Properties in 2018 as an assistant. Her responsibilities involve whatever anyone in the office may need, including running errands, data entry, and making a pretty tasty espresso.

Originally from Milwaukee, Wisconsin, she enjoys writing, drawing, and other people’s dogs.

  • Natalie Makabi

    Natalie Makabi

    Executive Assistant

  • Nicolette Doria

    Nicolette Doria

    Office Manager

Executive Assistant

Natalie Makabi joined Trion Properties in 2019 as an Executive Assistant. As a Los Angeles native, Natalie loves trying new restaurants and being around her family and friends. She recently received her Masters in Business Administration from Pepperdine University.

Office Manager

Nicolette joined Trion Properties in 2019 to assist in the facilitation and execution of all administrative responsibilities in the office and provide support to area/regional managers and fellow staff. Her duties range from preparing bank deposits and credit card payments, to coordinating office events and guest relations.

Originally form New York, Nicolette moved to LA after graduating early with her bachelor’s degree in broadcasting and a professional writing certificate from the University of Central Florida. When she’s not at Trion, you can find her acting, hiking, or cuddling with her dog and a book. However, no matter what the occasion, it’s almost guaranteed Nicolette is dressed up and on the go somewhere.

Trion Company History

Trion Sold Properties

Currently Owned Properties

Trion Track Record

Property Acquisition History

Trion Sold Properties

ELEANOR APARTMENTS

Los Angeles, CA

fund

Investment Summary

Acquired by Trion Properties in August 2013, this 41 unit, 1920s ‘bricker’ located in the Westlake/Macarthur Park area was completely vacant and heavily distressed at acquisition. The building was purchased for $1.6MM, with an additional $1.75MM allocated to extensive rehab and renovations. These renovations consisted of completely modern interiors, as well as a tasteful 1920s themed exterior that complements the vintage of the property, appealing to the demographic of the area. As a result, the property went through a year 3 cash-out refinance with a valuation of approximately $9M and over 3x equity multiple, as the property continues to achieve the highest rent/SF in the Westlake/Macarthur Park neighborhood for a property of its vintage.

Actual financial results may vary significantly from what is provided in this presentation. Information and targeted returns are for illustrative purposes only. All returns are based on equity invested by Trion.

Investment Summary

Property Type

Multi-Family

Location

Los Angeles, CA

Purchase Price

$1,600,000

Sale Price

$8,950,000

Purchase Date

August 2013

Sale Date

October 2019

# of Units

41

Upgrades

New counters, floors, and appliances

Amenities

Arcade area, media room, bike share system

Equity Multiple

11.4

Hold Period

74 months

Actual ROI

102.65%


(*) Fund returns and yields are not guaranteed.

Willow Glen

San Diego, CA

fund

Investment Summary

Willow Glen Apartments, a 97 unit multifamily community located in the rapidly growing Rolando/College Area submarket of San Diego, California. After implementing $2.2 million in capital improvements and rebranding the community, Trion nearly doubled the asset’s value and tripled the net operating income within the first 18 months of ownership The property was repositioned with full exterior and interior renovations, new signage, upgraded common areas and beautiful drought resistant landscaping.

Actual financial results may vary significantly from what is provided in this presentation. Information and targeted returns are for illustrative purposes only. All returns are based on equity invested by Trion.

Investment Summary

Property Type

Multi-Family

Location

San Diego, CA

Purchase Price

$9,650,000

Sale Price

$17,900,000

Purchase Date

June 2015

Sale Date

February 2019

# of Units

97

Interior Upgrades

New counters, floors, and appliances.

Exterior Upgrades

New signage, upgraded common areas and beautiful drought resistant landscaping

Equity Multiple

2.14

Hold Period

42 months

Project Level IRR

37.23%


(*) Fund returns and yields are not guaranteed.

5012 Slauson

Culver City, CA

fund

Investment Summary

28-unit development in gentrifying Culver City/Westside Area of Los Angeles that has experienced rapid growth over the past several years. The modern 4-story building will be comprised of 26, one- and two- bedroom market rate units and 2 affordable units. The property is 1.5 miles away from LA’s “Silicon Beach” job center.

Actual financial results may vary significantly from what is provided in this presentation. Information and targeted returns are for illustrative purposes only. All returns are based on equity invested by Trion.

Investment Summary

Property Type

Multi-Family

Location

Culver City, CA

Purchase Price

$2,610,500

Total Capitalization

$11,800,000

Purchase Date

April 1, 2016

Status

Under Construction

# of Units

28


(*) Fund returns and yields are not guaranteed.

SIERRA VILLAGE

North Highlands, California

fund

Investment Summary

Sierra Village, featuring 185 units in an attractive 1980’s garden style property, with a superior amenity package to the competitive set presented an exceptional value-add opportunity upon acquisition. The asset was owned by a Texas-based operator with little presence in Sacramento who had recently purchased the asset as part of a pool of properties via a receivership sale. As such, the property had low rental rates, high expenses, and below-market occupancies. Trion saw an opportunity to create value through effective management and strategic renovations. Trion’s experienced vertically integrated management team, implemented interior renovations, professional management practices and cost control efficiencies to maximize the asset’s operation. Within less than 3 years of acquisition, Trion had increased net operating income by approximately 70% operating at approximately 98% occupancy. Upon closing of the sale in September 2016, the project level IRR will be approximately 58.46%, with an equity multiple of 2.71x on a 3-year hold of the asset.

Actual financial results may vary significantly from what is provided in this presentation. Information and targeted returns are for illustrative purposes only. All returns are based on equity invested by Trion.

Investment Summary

Property Type

Multi-Family

Location

North Highlands, California

Purchase Price

$9,300,000

Sale Price

$15,500,000

Purchase Date

January 2014

Sale Date

August 2016

# of Units

185

Strategy

Hands-on management to streamline expenses, raise revenue, and stabilize occupancies

Equity Multiple

2.71

Hold Period

32 months

Project Level IRR

58.98%


(*) Fund returns and yields are not guaranteed.

Trion Access Fund LLC

The following Trion Access Fund documents are available to view:

  • Investor Document Package Trion Access Fund

  • Entity Investor Document Package Trion Access Fund

  • Trion Wire Instructions

  • Accredited Investor
    Verification Letter

Trion Multifamily Opportunity Fund II, LLC Terms

The following Trion Fund Documents are available to view:

  • Executive Summary

    The Presentation provides an overview of Trion Multifamily Opportunity Fund II and investing in student housing and multifamily communities.

  • PPM

    The Private Placement Memorandum (PPM) for prospective investors for the Trion Multifamily Opportunity Fund II.

  • Subscription Agreement

    The Subscription Agreement for prospective investors for the Trion Multifamily Fund III.

  • Limited Partner Agreement

    The Amended and restated Limited Partnership Agreement for the Trion Multifamily Fund III.

Trion Access Fund LLC Terms

Investment Summary

Fund

Trion Access Fund LLC (the “Access Fund”)

Fund Managing Member

CV Manager LLC

Technology Fee

The Access Fund will pay CV Marketplace 0.75% (75 basis points) of the Fund capital per year for annual Investment Dashboard technology and information functions such as investment reporting and other communication. *Tech Fee is eliminated in the first year.

Administrative Expenses

The Access Fund will pay CV Marketplace LLC $500 per investor per annum for managing annual investment accounting and distributions.

Organizational Expenses

The Access Fund will pay CV Manager a one-time fixed fee of $50,000 for organizational and formation expenses.

Minimum Investment Amount

$50,000, subject to change in select cases

Distributions

Quarterly, paid out of distributions from Trion

Targeted Fund Amount

Estimated $4,000,000

Closing Procedure

Our DocuSign Investment Agreement and Accredited Investor should be completed as soon as possible to reserve one of the 100 investment slots. CityVest will notify each investor that has completed the DocuSign as to the specific date by which you should wire transfer or send a check of the investment amount which is expected around October 30, 2020.

Term

7 years

Investment Return

The Access Fund has negotiated a side-letter agreement with Trion Multifamily Opportunity Fund II to receive a 10% preferred return, followed by 80% of the remaining profit. The Access Fund will then distribute 100% of such amounts received after fees to the Access Fund investors pro rata to their respective capital account.

WCI Investors

Technology Fee is eliminated for the first year and the minimum investment is $25,000

Fund Administration/Accounting

Assure Services will be paid at closing for all accounting, tax and other administration services for the life of the fund.

Trion Multifamily Opportunity Fund II, LLC Terms

Investment Summary

Targeted Return

14% – 16% Annualized Returns

Preferred Annual Return

Seed Units: 10%
Ordinary Units: 8%

Management Fee

1% (.25% per quarter)

Profit Split after Preferred Return

Amounts up to $250,000: 76% Investor / 24% Manager

Fund Term

The Access Fund has negotiated a special put option in 7 years

Minimum Investment

$50,000

Target Fund Size

$50,000,000

Important Disclosure Statement for Trion:

An investment in the units of Trion is speculative and risky. No assurance can be given that investors will realize their investment objectives or will realize a substantial return (if any) on their investment. Investors should be able to bear the complete loss of their investment in Trion. For this reason, each prospective subscriber for Trion should carefully read Trion’s Private Placement Memorandum (“Memorandum”) and all Exhibits to the Memorandum. Each prospective subscriber should consult with his attorneys, accountants, and business advisors prior to making an investment in Trion. Only qualified, eligible investors may invest in Trion.

Trion will invest in multifamily, residential real estate, which includes apartment and student housing. As such, investment in the Units does not constitute a diversified investment. Trion intends to diversify its investments by investing in multiple multifamily residential properties throughout the United States. Trion intends to hold approximately 20 properties with no single investment representing more than 20% of Trion's total invested capital. Anticipated portfolio characteristics may differ from actual portfolio holdings. An inability to raise substantial funds in this Offering could also result in substantial limitations on Trion’s ability to achieve a diversified portfolio of assets.

Because this is a blind pool offering, investors will not have the opportunity to evaluate investments before Trion makes them, which makes an investment in Trion more speculative. The investors must rely on the management of Trion and to make all investment decisions. There can be no assurances or guarantees that Trion’s investment objectives will be realized or Trion’s investment strategy will prove successful.

An investment in Trion may be affected by a number of factors beyond the control of the management of Trion that will affect the value of Trion’s investments. These include risks typically associated with investments in residential real estate that produce income such as increased vacancy rates, re-letting risk, or decreased rental rates, adverse changes in general economic conditions or local conditions that may reduce the demand for multifamily residential properties, changes in the demand for or supply of competing properties in an area, unanticipated holding costs, the availability and cost of necessary utilities and services, changes in real estate tax rates and other operating expenses, changes in governmental rules and fiscal policies, changes in zoning and other land use regulations, environmental risks such as mold contamination or environmental claims that could be made against Trion, and natural disasters, most of which are not covered by insurance.

Trion will operate in a highly competitive market for investment opportunities. Trion's profitability depends, in large part, on the ability to acquire profitable investments. In doing so, Trion will compete with numerous other entities and individuals engaged in real estate investment activities, many of which have greater financial, technical, marketing, and other resources than Trion. Poor performance of the investment management in selecting investments for Trion, or poor performance of any investment, could adversely affect the profitability of Trion and the overall return to the investors.

Trion may make investments through a joint venture or co-investment arrangement. Such arrangements may be on terms that limit Trion’s ability to control the investments and to receive returns on those investments.

Adverse economic conditions may adversely affect the ability of Trion to obtain financing. Unfavorable financing terms or the inability to obtain financing would adversely affect the operating results of Trion. The high level of leverage on the properties increases the debt service risks and the likelihood of foreclosure. Trion's borrowing of capital increases the risks of adverse effects on Trion's financial condition.

The investment manager of Trion has a limited operating history and track record upon which prospective investors may base an evaluation of its likely performance. Prospective investors should not rely on the past success of the investment manager's affiliates. The success of Trion is significantly dependent upon the expertise of certain investment or support personnel and any future unavailability of their services could have an adverse impact on the Trion’s performance. The General Partner and a majority of Limited Partners may agree to amend the Trion Agreement, which could be adverse to some limited partners. It is impossible to predict accurately the results from an investment in the Trion because of general risks associated with the complete reliance on the General Partner and its affiliates to identify and negotiate the investments to be acquired by Trion.

The proposed method of operation of Trion creates certain inherent conflicts of interest among the Trion, Trion, the General Partner and their affiliates. The liability of the investment manager is limited. Trion and its affiliates may compete with Trion's investments and may provide services to the Trion or Property Owners. Trion may make direct investments in affiliates of the investment manager. The investment manager may have conflicting fiduciary obligations with respect to the allocation of investment opportunities. The investment manager and its affiliates will receive compensation and reimbursements. Certain compensation to the investment manager and its affiliates has not been established by arms-length agreement. Trion's and the investment manager's officers and agents will engage in other management activities. A single legal counsel will represent Trion, the investment manager, Trion and their affiliates.

The investment manager may have conflicting fiduciary obligations when making investments through a joint venture or co-investment with an affiliate of the investment manager. These transactions may not be the result of arm's-length negotiations and may involve conflicts between the Trion's interests and the interests of the investment manager and its affiliates. The investment manager will use reasonable efforts to ensure that the terms and conditions of such transactions will be no more favorable to the affiliate than could be obtained by arms-length negotiations with an independent third party.

An investment in Trion is illiquid. No public or other market will develop for the Units. These securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act of 1933, as amended and the applicable State securities laws, pursuant to registration or exemption there from. Prospective investors should be aware that they will be required to bear the financial risks of any investment in these securities for an indefinite period of time.

Units of Trion are offered without registration under any securities laws due to a reliance on an available exemption. Although, Trion’s offering documents are not reviewed or approved by federal or state regulators, Trion must comply with a variety of legal and compliance requirements. Failure to comply with the requirements for a private offering exemption would adversely affect Trion. Maintenance of an Investment Company Act exemption may impose limits on Trion's operations, and if Trion becomes subject to the Act, Trion would likely be unable to continue its business.

To the extent Fund cash flow permits, the investment manager intends to make monthly distributions to the Limited Partners, however, the investment manager may reinvest all or a portion of proceeds received from CityVest on or before December 31 2020, rather than using such proceeds to make distributions to the Limited Partners. Prospective investors should be aware that the sole source of cash from which Trion will make cash distributions on the Units will be from revenues received from investments made by Trion. No assurance can be made that Trion will receive sufficient return on its investments to enable it to make any distributions to the Limited Partners.

Certain statements included in this presentation constitute "forward-looking statements" and are subject to a number of significant risks and uncertainties. Any such forward-looking statements contained herein should not be relied upon as predictions of future events. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "could" "would likely," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," "continue" or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Such forward-looking statements are subject to numerous risks and are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and may not be realized. In that regard, actual results may differ materially from those in forward-looking statements. As a result of the foregoing, no assurances can be or are given as to future results of operations or financial condition of Trion.

Trion’s investment approach has complex tax implications for investors. These ramifications should be reviewed carefully and applied to each investor’s individual circumstances. Trion may involve structures or strategies that may cause delays in important tax information being sent to investors. You should obtain investment and tax advice from your advisers before deciding to invest.

This material includes certain statements, estimates and projections of Trion with respect to the anticipated future performance of Trion. Such statements, estimates and projections reflect various assumptions of the investment manager that may or may not prove to be correct, and no assurance can be made that Trion can or will attain such results. Nothing contained herein is or should be relied on as a promise or representations as to the future performance of Trion.

These materials (the “Presentation”) have been provided for informational purposes only and neither constitutes the Memorandum of Trion nor provide a comprehensive disclosure of both the terms of investment and risk disclosures associated with an investment in Trion. This Presentation is not a complete summary of the terms of Trion or the background information of persons associated with the Investment Manager and is qualified in its entirety by, and must be read in conjunction with, the more detailed information included in the Memorandum, the governing documents of Trion, the Subscription Agreement of Trion and other related documentation.

This Presentation, furnished on a confidential basis to the recipient, is neither an offer to sell nor a solicitation of any offer to buy any securities, investment products or investment advisory services, including units of Trion. This presentation is not an advertisement and is not intended for public use or distribution and is intended exclusively for the use of the person to whom it has been delivered. An Offer may be made only by means of the Memorandum. This sales literature must be accompanied or preceded by that memorandum and read in conjunction therewith to fully understand the implications and risks of the securities to which it relates.

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The information on this website does not constitute an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any investment or security described herein. Any such offer or solicitation shall be made only pursuant to the final confidential offering documents of any entity described on this website, which will contain information about each entity’s investment objectives and terms and conditions of an investment and may also describe certain risks and tax information related to an investment therein and which qualifies in its entirety the information set forth herein. The information contained herein does not constitute part of the offering documents of any entity. An investment in any investment included on this website, entails a high degree of risk (including the possible loss of a substantial part, or even the entire amount, of an investment) and no assurance can be given that any entity’s investment objectives will be achieved or that investors will receive a return of their capital. Past returns are not indicative of future performance.

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CityVest does not make investment recommendations, and no communication through this website or in any other medium should be construed as such. Private placements on CityVest.com are intended for accredited investors (for persons residing in the U.S.), and for persons residing abroad in jurisdictions where securities registration exemptions apply. Private placements of securities are not publicly traded, are subject to holding period requirements, and are intended for investors who do not need a liquid investment. Private placement investments are NOT bank deposits (and thus NOT insured by the FDIC or by any other federal governmental agency), are NOT guaranteed by CityVest, and MAY lose value. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. Investors must be able to afford the loss of their entire investment.

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Value Add

Risk of Loss
Medium 1
Leverage
60-75% 2
Occupancy Rate
Less than 80% 2
Strategy
Heavy Renovations​/Major Retenanting 2
Stable Tenants
Few​/None 2
Hold Period
1-3 Years 2

1 The Risk of Loss is relative to other investment profiles. There is always a risk of total loss.

2 These are typical attributes for this profile of investment and may or may not represent this particular investment.

Single-Family

A single family residence (SFR) is the most common type of home which is a single family detached, stand-alone structure with its own lot intended for one family.

Target Return (IRR)

The estimated annual return which includes both the annual cashflow and the sale proceeds.

Target Annual Cash

The estimated average percentage annual cash return from the investment.

Estimated Hold

Estimated hold period from investment to realization.

Preferred Return

The preferred return or “pref” is a percentage cumulative return on initial investment that investors must attain prior to the investment manager’s participation in the profits.

Fund Size

Trion Fund is raising a maximum of $20,000,000