IRVINE, CA—The firm recently facilitated the sale of a 165-unit apartment building in Tustin, CA, opened an L.A. office and is looking to expand into San Diego, managing partner Chris Keramati tells GlobeSt.com.
IRVINE, CA—Triqor Group recently facilitated the sale of a 165-unit apartment building in Tustin, CA, opened an L.A. office and is looking to expand into San Diego, managing partner Chris Keramati tells GlobeSt.com. The property sold was Vio Tustin Apartments, which, as we recently reported was disposed through the Canyon Catalyst Fund, the California Public Employee’s Retirement System real estate emerging manager program, managed by Canyon Partners. We spoke with Keramati about the deal and the firm’s strategy going into 2017.
GlobeSt.com: Tell us about your recent $41-million deal in Tustin.
Keramati: We just closed escrow on the 165-unit Vio Tustin Apartments. The seller group was Sack Properties out of Northern California. We sold it for just north of $41 million to a private buyer. We’re bringing in private clientele and local operators who are very well capitalized to do institutional quality deals. We had a few investors looking at this property willing to step up to a 4% cap rate and approximately $300 per square foot. The property has traded a couple times in the last few of years and was recently renovated with extensive work to the clubhouse and common areas. It has a resort-like pool area, a nice gym, a dog-wash station—it has a very institutional feel to it.
GlobeSt.com: How has 2016 been volume-wise for your company?
Keramati: Our expansion has proven to be successful. It was our biggest year volume-wise. I personally sold just under $250 million, which ranged between mid and high market transactions.
GlobeSt.com: What is your strategy going into 2017?
Keramati: Our strategy is to continue what we’re doing. We recently expanded, opening an office in L.A., and we’re looking to expand into San Diego. We’re focusing on capital migration between the three counties: L.A., Orange County and San Diego. We want to expand our presence in all three markets and replicate what we’ve done in the Orange County/L.A. operation, in San Diego County. We’re continuing our focus on 1031 exchanges; we have a large clientele base in the mid-market space with minimal debt in long-term holdings who are well capitalized into exchanging into institutionalized properties, and this will continue into 2017.
GlobeSt.com: What else should our readers know about your company’s activity?
Keramati: We’re looking for the right people to expand our team. People who truly understand the business and take an advisory approach to brokerage. That’s the way we look at ourselves.