Sym Investments Enters Connecticut with $82M Buy
Paredim Partners and LEM Capital sold the community in a transaction arranged by CBRE.
Sym Investments has entered the Connecticut market with its acquisition of a 340-unit community in Trumbull, Conn. A joint venture of Paredim Partners and LEM Capital sold The Royce at Trumbull for $82 million. CBRE’s Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie represented the seller and also procured the buyer.
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Built in 1998, The Royce at Trumbull is a Class A community offering one-, two- and three-bedroom units with an average square footage of 1,116 square feet. The joint venture owner was able to renovate 54 percent of the units before selling. Dunne, vice chairman at CBRE, told Multi-Housing News that the renovations included upgrading the hardware and lighting in the kitchens and bathrooms and installing new countertops and stainless-steel appliances.
Amenities include a two-story fitness center, sports court, community lounge, media and billiards lounge, coffee bar, pool, outdoor lounge, and children’s play zone. The Royce at Trumbull is located at 100 Avalon Gates near State Routes 8, 15 and 25 and close to Interstate 95 that connects it to nearby cities like New Haven and Bridgeport. Residents are also located within the 20th ranked school district in Connecticut, according to school district rating website Niche.
Dunne told MHN the property has maintained a mid-90 occupancy rate in the last few months due in part to the trend of people migrating out of urban centers. The pandemic has led to positive leasing trends in many suburban markets around the New York City metro area, including Long Island, Westchester, New Jersey and Connecticut.
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According to Dunne, it has become “more palatable” to live in the suburbs, as people are looking for more space and are not tied to living close to the workplace anymore.
Earlier this year, Dunne was also part of a CBRE team that arranged the sale of a pair of newly built communities in Norwalk, Conn. and a $84.2 million deal for a 200-unit community in South Orange, N.J.