The properties , totaling 406 units , include Quail Cove and Highland Park . The properties represent an opportunity for Trion to acquire wellmaintained assets with strong valueadd potential in a rapidly growing market , according to Max Sharkansky , Managing Partner at Trion Properties .
“ Colorado Springs was the thirdbest housing market for multifamily rental investments in 2020 , and recently
ranked fourth as the best place to live in the United States ,” says Sharkansky . “ Colorado ’ s strong military presence , booming aerospace and hightech manufacturing industries are just a few reasons why the region has seen exponential growth and an influx of top talent over the past few years .”
Mitch Paskover , Managing Partner at Trion Properties adds : “ Last year , despite the pandemic , Colorado Springs experienced a
significant rent increase due to the area ’ s desirability ,
Trion Properties and equity partner PCCP , LLC have acquired a twoproperty portfolio including Quail Cove , a 200unit multifamily community located in the Cheyenne Hills neighborhood of Colorado Springs .
highquality lifestyle in place , and relatively low cost of living .”
Paskover notes that this acquisition brings Trion ’ s total number of multifamily units in Colorado to nearly 700 . The firm ’ s first acquisition in the state , The View Apartments in the Northglenn submarket of Denver , took place just seven months ago , speaking to the firm ’ s diligent sourcing and impressive track record .
“ A large part of what attracted us to the Colorado Springs market is the diverse economy and major industries that have a presence in the region ,” says Farhan Mahmood , Managing Director at Trion Properties .
“ The city has always been predominantly driven by military , as it is home to Fort Carson , North American Aerospace Defense Command , and the U . S . Air Force Academy . But that has diversified in recent years to include a number of technology startups , insurance companies , and UC Health , a nationally recognized hospital that provides nearly 7,000 jobs .
Quail Cove is one of two properties acquired , a 200unit community located in the Cheyenne Hills neighborhood of Colorado Springs .
David Moghavem , Director of Acquisitions at Trion Properties , says : “ Solid economic drivers have created excellent fundamentals in Colorado Springs as a whole , and the Cheyenne Hills neighborhood in particular is a desirable submarket to execute a highquality renovation program .
The location has strong demographics with average incomes over $ 80,000 within a mile radius , while also offering access to strong local schools nearby . The property itself is also surrounded by gorgeous panoramic views of the mountains , with a portion of the property overlooking Quail Lake .”
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