340-Unit Trumbull Housing Complex Sold For $82 Million

TRUMBULL, CT — The Royce at Trumbull, a 340-unit housing complex on Avalon Gates in Trumbull, recently was sold for $82 million to Cedarhurst, New York-based Sym Investments, according to CBRE.

The Class A multifamily community was owned by a joint venture between Paredim Partners and LEM Capital, which was represented in the sale by CBRE’s Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie.

The acquisition of The Royce marks Sym Investments' first purchase in Connecticut.

"We are pleased to have represented Paredim and LEM in the sale of The Royce at Trumbull," said Jeff Dunne, vice chairman at CBRE, in a statement. "The property has enjoyed strong demand over the past several months as a result of the ongoing COVID-19 pandemic. The migration of people moving out of New York City and other urban areas to the suburbs has definitely benefited quality suburban multifamily properties such as The Royce. Sym Investments should do well with this asset as they finish off the renovation program."

According to CBRE, The Royce at Trumbull was built in 1998, and it still has original finishes in 46 percent of its units "providing a unique value-add opportunity for investors by finishing the apartment upgrades." Additionally, the community features a swimming pool, outdoor lounge with BBQ areas and a large clubhouse with a fitness center, indoor basketball court, virtual yoga and fitness studio, and a media and billiards lounge.

The complex is near the Merritt Parkway (Route 15), Route 8, Route 25, and I-95, and it offers convenient access to nearby amenities, entertainment, recreation, and employers in the surrounding area.