LOS ANGELES - June 1, 2022 - (Newswire.com)
Tryperion Partners, LLC ("Tryperion"), a private real estate investing firm, today announced the sale of Riverhouse on the Deschutes, a luxury hotel in Bend, Oregon, to Benchmark Pyramid and Barings for $59 million. Tryperion acquired the property with Vancouver, WA-based Vesta Hospitality for $31 million and invested $11 million to reposition the property through strategic improvements including room and common area upgrades and adding a full-service spa, which positioned the property as a leading destination in an increasingly popular market and added a new source of high-margin revenue.
This transaction marks the full realization of Tryperion RE Fund II ("TREF II" or the "Fund"), the firm's 2015-vintage value-add real estate fund. The fund generated a 22.4% IRR and 1.84x equity multiple, net of all fees and expenses, placing it in the top decile of similar vintage funds according to data compiled by Cambridge Associates.
Tryperion partners Joseph Kessel, Eliot Bencuya and Jeffrey Karsh said in a joint statement: "We are extremely proud of the value we were able to create for our investors, partners and stakeholders through this transaction and across our TREF II investments. The strong performance of TREF II demonstrates the merits of our approach of identifying and capitalizing on discounts to intrinsic value in specific assets across property types, as opposed to relying on sectoral themes, while maintaining a low-risk profile and utilizing our thoughtful and proactive approach to asset management to unlock value."
TREF II diversified its investments across seven different cities, six separate operating partners and office, industrial, multifamily, hotel and retail properties, with none of the investments in the fund losing money. Notably, the fund was weighted 44% to office, an out-of-favor sector where Tryperion was able to acquire quality assets at compelling valuations and, by directly owning and managing most of them, drive substantial additional value creation for investors while also benefitting partners, tenants and communities.
The Fund's investors include many family offices, foundations, and high-net-worth individuals, the vast majority of whom re-invested into Tryperion's third fund, which is currently being invested.
About Tryperion Partners
Tryperion Partners is a private real estate investment firm that provides investment management services to a range of foundations, family offices, and high net worth investors. The firm executes value-add strategies through direct and joint venture investments, primarily in existing assets located in Western and Midwestern U.S. markets. Tryperion utilizes its extensive real estate expertise and industry relationships to create value through best-in-class management and leasing, strategic capital improvements, and prudent financing programs. Tryperion was founded in 2013 by Joseph Kessel, Eliot Bencuya and Jeffrey Karsh after spinning out from Canyon Partners. The trio has collectively acquired and managed assets valued in excess of $6.0B across all commercial property types. For more information, visit www.tryperion.com.
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Original Source: Tryperion Sells Riverhouse on the Deschutes, Fully Realizing Tryperion RE Fund II
