Eaves Trumbull Apartments sells for $70 million
Paredim Partners LLC. announced Tuesday, March, 15, that it has acquired Eaves Trumbull Apartments, a 340-unit luxury apartment community situated on 38 acres in Trumbull.
Paredim’s purchase of the property from Avalon Bay Communities, in partnership with LEM Capital, represents a significant addition to the company’s portfolio of prime apartment communities.
Excellently located with direct access to the Merritt Parkway and Route 8 and offering convenience to both New York and Connecticut destinations, the property, which was built in 1997, is almost fully occupied and serves young families and professionals that commute to employment centers in Fairfield and southern New Haven counties.
“We are investing in a well-located, high-quality asset with a unique and irreplaceable setting and property with great upside potential,” said David Parisier, Paredim’s managing director and founding principal. “Value-enhancing renovations are planned under the direction of our experienced redevelopment and management team that has overseen similar projects in our portfolio of more than 2,000 units throughout New Haven, Fairfield and other Connecticut markets.
“Designed to offer upscale living with a high level of amenities, Eaves Trumbull combines a rolling park-like setting, with an impressive array of amenities such as the 11,000 square foot clubhouse with pool, indoor basketball and racquet courts as well as a large variety of spacious apartment floorplans and a highly desirable Trumbull address” Parisier continued. “We plan on implementing a renovation and rebranding program that will play upon and accentuate the many positive features of this community and enhance its position as a premier property in the upper Fairfield County market.”
LEM Capital LP’s Investment was made on behalf of one of the firm’s managed institutional real estate funds.
“After completing the value-add renovation program and installing Paredim’s more attentive management approach, Eaves Trumbull has the potential to improve its competitive position within its submarket” said Herb Miller, a founding partner at LEM. “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.”