The Royce at Trumbull apartment complex has been sold to a Massachusetts-based real estate investment firm for $101 million.
The 339-unit, three-story development at 100 Avalon Gates, Trumbull, was purchased Aug. 17 by CHC Fairfield LLC and Colony Hills Capital out of Wilbraham, Mass.
Jonathan Brody, president of national sales for Rosewood Realty Group, represented both the buyer and the sellers, Sym Investments and Skywood Properties along with The Royce at Trumbull LLC of Cedarhurst, N.Y., and principal Leon Mayer, according to town land records.
The complex has market-rate one-, two- and three-bedroom units, 99 percent of which are leased, Brody said.
Built in 1997, the facility features a pool, basketball and volleyball courts.
Previous owners made upgrades to the units, and the new owners are planning to make further interior upgrades and build more outdoor amenities, pending approval, Brody said.
Brody said the purchase price is 23% more than the $82 million that sellers paid a little over a year ago.
“This sale is a good example that investors’ demand for some suburban multifamily assets remains strong despite rising interest rates,” he said.
Avalon Gates property is a 400,000-square-foot complex on 30 acres built by REIT AvalonBay Communities.
