Commercial Real Estate

Private equity real estate firm acquires Fayetteville multi-family complex for $35M

By Staff Report, posted 3 years ago
Constructed in parts in 2002 and 2006, Crescent Commons, located at 812 Crescent Commons Way in Fayetteville, has 14 buildings with 288 units. Photo provided by Trion Properties.

Private equity real estate firm Trion Properties entered the southeast market by acquiring Fayetteville’s Crescent Commons, a multifamily community, for $35 million. 

The community was purchased from CMF Crescent Commons, LLC, a Florida-based company owned by Carter Funds, a real estate investment and management firm. 
Based out of California and Florida, Trion Properties chose Fayetteville as they determined the city would benefit from these renovated apartments units based on its limited development pipeline and above-average recent and projected population growth. 

“There have been no new multifamily deliveries within the past 12 months and only one community is under construction”, said Max Sharkansky, managing partner at Trion Properties.

Constructed in parts in 2002 and 2006, Crescent Commons, located at 812 Crescent Commons Way in Fayetteville, has 14 buildings with 288 units. 

“This acquisition will allow us to create significant value through implementing our proven renovation and operations strategies, which we’ve successfully executed in Western markets including California, Oregon, and Colorado over the past several years.” Sharkansky added. 

Trion’s value-add program will include renovations to all interior units, a fitness center expansion and a pool area enhancement. Their team also plans to execute day-to-day operations through a vertically integrated property management platform. 

The three-story, garden-style community currently holds one, two and three-bedroom units with amenities like a clubhouse, pool, fitness center, two dog parks, 32 private garages and a full car wash building.

“We will evaluate the site for possible development of resident self-storage, an increasingly in-demand amenity, and an additional building of primarily one-bedroom units,” Marley Dominguez, director of acquisitions at Trion Properties said. 

The residential complex, located by Interstate 95 and partially completed Interstate 295 gives residents quick access to the region and to Fort Bragg. 

“Crescent Commons also has a strong built-in potential resident base of those stationed at Fort Bragg who chose to live off base,” Dominguez added. 

Founded in 2005 with a headquarters in Los Angeles, Trion has a portfolio of over $700 million in assets and has successfully repositioned and resold over 1,750 units and over 200,430 square feet of commercial real estate space.

For more information visit, https://trionproperties.com/

Ico insights

INSIGHTS

SPONSORS' CONTENT
fayetteville-state-university sambit-bhattacharya-phd headshott

FSU students and faculty make strides towards advancement in applied AI in the Intelligent Systems Laboratory

Sambit Bhattacharya, Ph.D. - Professor of Computer Science and Director of the Intelligent Systems Lab, Fayetteville State University
north-carolina-military-business-center bill-simons headshott

Federal Food Series Webinars Will Connect North Carolina Food Businesses with Government Buyers

Bill Simons - Regional Program Manager, Goldsboro, North Carolina Military Business Center
cape-fear-valley-health daniel-mccullough-md headshott

Navigating weight loss: Insights from a bariatric surgeon

Daniel McCullough, MD - Metabolic and Bariatric Surgery Director, Cape Fear Valley Health

In The Current Issue

Creating opportunities: The Defense Alliance Foundation seeks to strengthen the local defense innovation ecosystem

DAF Chairman Phil Williams (far left) pictured with City of Fayetteville Mayor Mitch Colvin (center) on June 10 following a presentation on a 25- year vision for the city’s continued growth and transformation. Photo provided by the DAF.The Defense Al


Empowering the mission: Linchpin Solutions provides tools to turn the tech of the future into the tools of today

Linchpin Solutions attends defense conferences throughout the year, using conferences and tradeshows to exhibit their services and connect with network professionals, including industry, military and government leaders to address and understand today


Lumberton is ready for takeoff: Lumberton Regional Airport embarks on major expansion to meet growing demand

Photo provided by Gary Lewis.The City of Lumberton is moving forward with a new terminal project at the Lumberton Regional Airport. It’s a collaborative effort involving several partners, including Cooper Tacia General Contractors, Talbert & Brig