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Long Island Developer Buys Trumbull Apartments for $82M

Image courtesy of CBRE

A Long Island real estate investment firm has made its first Connecticut acquisition with a 340-unit apartment complex in Trumbull.

Sym Investments of Hempstead paid $82 million for The Royce at Trumbull, which was originally completed in 1998. The property includes a clubhouse, barbecue areas, swimming pool, indoor basketball court and billiards room.

CBRE represented the sellers, a joint venture of Greenburgh, New York-based Paredim Partners and LEM Capital, and procured the buyer.

“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,” CBRE Vice Chairman Jeff Dunne said in a statement.