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AvalonBay Communities developed this 339-unit apartment community in Trumbull, Connecticut in 1997

Trumbull Apartment Sale Commands 23% Premium on 2021 Purchase Price

Rosewood Realty Group has brokered the $101-million sale of a 339-unit apartment complex located in Trumbull, within Connecticut’s Fairfield County, The firm’s president of national sales, Jonathan Brody, represented both the sellers, Sym Investments and Skywood Properties, and the buyer, Colony Hills. 

“This sale is a good example that investors’ demand for some suburban multifamily assets remains strong despite rising interest rates,” said Brody. The purchase price represented a 23% appreciation on the $82 million that the sellers paid for the property a little more than a year ago. 

The nearly 400,000-square-foot complex at 100 Avalon Gates was developed by AvalonBay Communities in 1997. It is one of the newer rental communities in Trumbull, which placed a temporary moratorium on multifamily development in 2019.  

 “This was a great buy for Colony Hills” because the previous owners performed renovations that enabled them to get rent increases of about 25%, Brody added. 

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Rosewood's Brody

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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