Trumbull, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, completed the sale of Eaves Trumbull, a gated multifamily community consisting of 340 apartment homes. Originally, developed by AvalonBay Communities, the property sold for $70.25 million.
“Constructed as luxury, garden-style apartments in 1997, eaves Trumbull is ideally positioned for a significant value-add upgrade program,” said Victor Nolletti, IPA executive director.
“The property has a history of strong occupancy, which was 96 percent at the time of the sale, and the five-year average is greater than 95 percent,” said IPA executive director Steve Witten.
Nolletti, along with Witten and IPA senior director Still Hunter, heads the IPA Northeast & Florida team, who, along with Adam Mancinone, vice president investments, and Blake Barbarisi, senior associate, represented the seller, Gates Financing LLC. Nolletti and Witten procured the buyer, Elmsford, N.Y.-based Paredim Partners.
The property is located in a private, wooded setting at 100 Avalon Gates, which is in the part of Fairfield County known as the “Gold Coast” because of its high per capita income.
The location provides residents with access to Westchester County, New York City, New Haven County and Hartford County via I-95 and Rtes. 15, 25 and 8. The Metro-North train station is just two miles away.Trumbull is home to many major employers, including Unilever, United Healthcare, Marriott, Westfield, Sikorsky Helicopter Support, Sun Products, Affinion Group, Océ, GE, Peoples Bank, PerkinElmer, Prudential, Pitney Bowes, NEC, and BIC Corp.