Search
 

AvalonBay MF Property Picked Up for $70M

TRUMBULL, CT—The gated 340-unit development here traded at more than $206,000 per unit.

By John Jordan | johnjordan | | Updated on March 31, 2016
eaves Trumbull The eaves Trumbull development is a gated 340-unit community.
TRUMBULL, CT— Paredim Partners , which is based in Elmsford, NY, has acquired a gated multifamily community here originally developed by AvalonBay Communities for $70.25 million. The sale of the eaves Trumbull was reported by Institutional Property Advisors, a division of Marcus & Millichap . The gated 340-unit development traded at more than $206,000 per unit. IPA executive directors Victor Nolletti and Steve Witten , senior director Still Hunter , who heads the firm’s Northeast and Florida team, Adam Mancinone , vice president investments, and Blake Barbarisi , senior associate, represented the seller, Gates Financing LLC . Nolletti and Witten procured the Westchester County, NY-based buyer Paredim Partners. The property was originally developed as luxury garden style apartments in 1997 by AvalonBay Communities, according to Noletti, who says that the development “is ideally positioned for a significant value-add upgrade program.” IPA’s Witten adds, “The property has a history of strong occupancy, which was 96% at the time of the sale, and the five-year average is greater than 95%.” Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts, a racquetball court and private garages and covered parking. The apartment community’s one-, two- and three-bedroom apartments feature nine distinctive floor plans, separate dining rooms and private balconies or terraces. Paredim operates a residential apartment portfolio in Fairfield, New Haven and Hartford counties in Connecticut. The company also operates the Hillcroft at Danbury in Fairfield County, as well as communities in New Haven, East Haven, West Haven, Meriden, Waterbury and Woodbury in the New Haven area and in Bloomfield in Hartford County.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.