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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.
- ◦Sale/Acquisition
