Commercial Real Estate

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

By Staff Report, posted 1 month 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

In The Current Issue

Work hard, play hard: Fayetteville goes extra mile to attract sporting events

FACVB is constantly on the lookout for interesting sporting events and competitions to bring to the region.  Photo provided by FACVB.In basketball, they call it a “sixth man.” Fayetteville’s Ray Floyd and Charlotte's Davis Love III loved playing


Legacy Pediatrics expands to Spring Lake

Legacy Pediatrics opened its Spring Lake location, pictured with staff on the right, on September 13.Leaving a legacy is a fundamental part of what drives Ana Hodges and what inspired the name of her pediatric clinic. Legacy Pediatrics opened its sec


Capital gains tax: What impact could Biden administration's proposed changes make?

A proposal to increase the capital gains tax has many taxpayers asking how it will affect them.The proposed increase in capital gains tax would raise the tax from 20 percent to the highest of 39.6 percent, affecting the wealthiest taxpayers on gains