Westchester County-based Paredim Partners LLC and LEM Capital, a private equity fund manager based in Philadelphia, recently paid $70.25 million for a 340-unit luxury apartment community on 38 acres in Trumbull.
Sold by Avalon Bay Communities, Eaves Trumbull Apartments was almost fully occupied when purchased, Paredim reported. Built in 1997, the gated community includes 1-, 2-, and 3- bedroom units, an 11,000-square-foot clubhouse with pool, and indoor basketball and racquet courts.
David Parisier, managing director and founding principal of Paredim in Elmsford, said the company plans value-enhancing renovations as it has done at other multifamily properties in its portfolio of more than 2,000 apartment units in Fairfield and New Haven counties and other Connecticut markets.
LEM Capital”™s investment in the deal was made on behalf of one of the firm”™s managed institutional real estate funds. Â Herb Miller, a founding partner at LEM, said renovations and Paredim”™s management approach could improve Eaves Trumbull”™s competitive position within its upper Fairfield submarket.
“The lack of new supply in the market and submarket combined with the property”™s proximity to strong employment drivers should enable Eaves Trumbull to attract a high-quality resident and generate value for our investors,” Miller said in the announcement.
