Trion Sells $9.7M Property in Mount Vernon
Real Estate In-Depth | June 2017
MOUNT VERNON– Trion Holdings, a Yonkers and New York City-based investment firm, announced earlier this month it had sold 55 Sheridan Ave. in Mount Vernon to 55 Sheridan Gardens LLC for $9.7 million.
The closing on the property was on April 21, 2017. Trion Holdings sold the property after 13 years of ownership. The sale marked one of the highest sale prices per square foot and per unit in the sub-market area in recent years, the company reported.
“The asset achieved an annual cash on cash of 11% and had an Internal Rate of Return of 21.20% over a 13-year period, which met our acquisition goals,” said Carmelo Milio, chief investment officer and president of Trion Holdings. “The property was very management intensive but was stabilized after implementing many Trion policies and procedures along with strict collection policies.”
The property consists of two four-story walk-ups that combine for 66 units and the buildings are separated by a private, fenced-in courtyard. Robert Shapiro of Cushman and Wakefield represented both sides of the deal.
Trion Holdings LLC is a New York based real estate investment firm that acquires undervalued and value-add multifamily properties in New York City and the Tri-State Area. Trion and its advisors have successfully purchased, sold, and managed more than $400 million in assets over the past 35 years.