Home News Investment Firm Buys Trumbull Apartment Complex for $101M

Investment Firm Buys Trumbull Apartment Complex for $101M

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From left: Glenn Hanson of Colony Hills and Jonathan Brody of Rosewood, The Royce at Trumbull (Getty, Royce at Trumbull, LinkedIn, Rosewood)

Aug 17, 2022 10:45 AM Update: Two investors sold an apartment complex in Fairfield County for $19 million more than they paid last year. This suggests that demand for some suburban multifamily properties remains strong against rising interest rates.

Massachusetts-based real estate investment firm Colony Hills Capital Picked up Unit 339 Lois of Trumbull $101 million — 23% higher than the $82 million seller of Sym Investments and Skywood Properties Complex payment a little over a year ago.

of the Rosewood Realty Group Jonathan Brody represented both the seller and Colony Hills in the transaction

The approximately 400,000-square-foot complex on 30 acres was developed by a multi-family REIT. Avalon Bay Community in 1998 New rental community Trumbull temporarily halted multifamily development in 2019. Previous owner is Paledim Partners. Reportedly renovated About half of the unit before the property was sold last year.

The complex consists of market-priced one-, two- and three-bedroom units, 99% of which are leased, Brody said. Monthly asking rent averages $1,850

After purchasing the complex in February 2021, Brody said Sym and Skywood installed new ceilings, floors and appliances in the living units.

Colony Hills’ multifamily portfolio consists of over 30 properties and approximately 11,000 residential units, mostly concentrated in Alabama, Georgia and Texas. According to its website.

The company’s acquisition of The Royce at Trumbull comes as rising interest rates are causing a slowdown in investment sales in commercial real estate.Prices of collective housing nationwide 4 percent drop From May to June, Green Street reported, it remains 16% higher than pre-pandemic levels. Some multifamily lenders said: expect to make fewer loans Investments in the commercial real estate sector in the second half.

Correction: An earlier version of this article stated that Trumbull developer Royce of AvalonBay owned the complex until last year. AvalonBay sold the property in 2016 to Paredim Partners. Paredim last year sold Sym Investments and he to Skywood Properties.

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