Two limited liability companies with ties to a large California-based multifamily investor recently paid $20.4 million for 146 apartments in three Ellington apartment complexes.
FMF CT5 Atasco LLC and FMF CT5 South Shore LLC bought three complexes in separate sales logged by the town on April 20, including:
- The Stonebridge Apartments, a 79-apartment development of four, 1980-vintage buildings on 20.5 acres at 157-159 Pinney St. This complex sold for $11.2 million.
- The Pinney Brook Apartments, a 39-unit development in two, 1970-vintage buildings on 6.4 acres at 144 Pinney St. and 145 Pinney St. These properties sold for $4.5 million.
- The Arbor Way Commons, which features 28 apartments in two, 1975-vintage buildings on 6.5 acres at 37 Arbor Way. This sold for $4.7 million.
The collective purchase price is more than double the $9.1 million appraisal of these properties by the town’s assessing department.
The buying LLCs both share the same principal, Michael B. Earl, with an Irvine, California address in common with housing investor FPA Multifamily. The company lists “Mike Earl” as chairman on its website and claims to have transacted over 130,000 apartment units in 700 buildings in deals worth more than $20 billion.
The limited liability companies that sold the properties trace back to Framingham, Massachusetts-based multifamily investment company Taymil Partners. One limited liability company involved in the sale of the Stonebridge Apartments – TP VME LLC – is registered in Delaware.
According to its website, Taymil owns and manages more than 2,250 apartments and has partnered with institutional and high net-worth investors.
