Trumbull apartment complex sells for $82 million

Photo of Paul Schott

TRUMBULL — The 340-unit apartment complex The Royce at Trumbull has sold for $82 million, in one of the largest real estate transactions this year in Connecticut.

The owner, a joint venture between Paredim Partners and LEM Capital, sold to Sym Investments, a first-time buyer in Connecticut.

“We are pleased to have represented Paredim and LEM in the sale of The Royce at Trumbull,” Jeff Dunne, vice chairman at commercial real estate firm CBRE, said in a statement. “The property has enjoyed strong demand over the past several months as a result of the ongoing COVID-19 pandemic. 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.”

A CBRE team that also included Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie represented the seller and also procured the buyer.

Built in 1998, The Royce stands near the town line with Bridgeport and about one mile from the intersection of the Merritt Parkway and Route 25. Its amenities include a swimming pool, an outdoor lounge with barbecue areas, and a clubhouse with a fitness center, indoor basketball court, a “virtual” yoga and fitness studio and a media and billiards lounge.

CBRE officials cited the “original finishes” in 46 percent of the units, “providing a unique value-add opportunity for investors by finishing the apartment upgrades.”

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

On its website, Sym Investments lists other recent acquisitions including The Devon on Greenwich apartment complex in Hempstead, N.Y., the Silk Lofts apartment building in Bayonne, N.J., and the Transit Plaza apartments in Dover, N.J.

The Royce had been up for sale “for some time” and had changed hands a number of other times in recent years, according to Rina Bakalar, Trumbull’s economic development director.

“While Trumbull has approved other developments, it appears the market remains strong. The Ten Trumbull development is 100 percent occupied,” Bakalar said. “The Woodside being built on Reservoir Avenue has started leasing activity while under construction. Those new developments are smaller one- and two-bedroom units built for millennials and empty nesters. The Royce has larger more family-style units with three bedrooms. Their site also has a playground.”

On apartments.com Tuesday, available one-bedroom apartments at The Royce were listing at $1,765 or $1,785 per month, two-bedroom units were listing from $2,170 to $2,230 per month and three-bedroom homes were listing for $2,785 monthly.

“While competition is coming and more rental units are coming on line, between their niche with more family-style units and the influx of interest from residents coming from New York and other areas, the future of the (Royce) property should remain strong in my assessment,” Bakalar said.

Other parts of southwestern Connecticut are also seeing major real estate investment. Late last month, an apartment building in the Harbor Point section of Stamford sold for $105 million, marking the city’s largest property sale of the year.

pschott@stamfordadvocate.com; twitter: @paulschott