New York & Tri-State + Fairfield/Westchester + Apartments | March 10, 2021

Trumbull Apartments Sell for $82M with Value-Add Component

CBRE closed the $82-million sale of The Royce at Trumbull, a 340-unit Class A multifamily community in Trumbull, CT. The firm’s Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie represented the owner, a joint venture between Paredim Partners and LEM Capital, and procured the buyer, Sym Investments, a first-time buyer in Connecticut.

Built in 1998, The Royce at Trumbull has original finishes in 46% of the units providing a value-add opportunity for investors by finishing the apartment upgrades.

“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,” said Dunne. “Sym Investments should do well with this asset as they finish off the renovation program.”

Connect

Inside The Story

Connect With CBRE’s Dunne

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).

Order Reprints