340-unit Royce at Trumbull sells for $82 million

The Royce at Trumbull, a 340-unit Class A multifamily community in Trumbull, has been sold for $82 million.

CBRE”™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 about 46% of its units and such community features as a swimming pool, outdoor lounge with barbecue areas and a large clubhouse with a fitness center, indoor basketball court, virtual yoga and fitness studio, and a media and billiards lounge.

CBRE Vice Chairman Dunne said 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. Sym Investments should do well with this asset as they finish off the renovation program.”