Published January 18, 2022
GLASTONBURY, CT, January 2022 – Trio Properties, LLC, currently managing over 3,000 units in Connecticut and New York, announces the successful closing of the sale of Trail Run Apartments in Vernon, CT, and Whitney Modern apartments in New Haven, CT. Both deals were brokered by Marcus & Millichap of New Haven, CT.
Headquartered in Connecticut, Trio Properties specializes in lease-up management and construction development, making these two recent transactions sentimental, with both Trail Run and Whitney Modern breaking ground in 2019. Trail Run Apartments is a three-phase, 312-unit, garden style lease-up. Located less than a mile from major interstates, 20 minutes to Bradley International, and conveniently situated near UCONN and several major employers, Trail Run became an ideal location for various renters seeking that mix of luxury and value. The Whitney Modern is a boutique luxury community situated in the heart of the East Rock neighborhood within New Haven. It is located just minutes from I-95, with an easily commutable distance to Norwalk and Stamford, both within 45 minutes. With a 100% leased-up rate within just four short months, Whitney Modern drew commuters and empty-nesters looking for all the amenities a single-family home offers.
“We’ve seen amazing success,” Jeff Ferony, President of Property Management for Trio Properties, said of the recent 4th quarter sales. “These two assets received unsolicited offers, which our clients found impossible to ignore. The overall success of both lease-ups, including the diligent financial oversight and smart marketing decisions that our teams continually provide our clients, is a testament to Trio’s ability to manage properties to any level of success. Although bittersweet to watch our hard work leave the portfolio, in the end, we couldn’t be happier for our clients.”
Trio is proud to be involved in these communities from construction, lease-up, and now through two successful dispositions. “We couldn’t be more proud of our on-site teams and the fantastic success we have brought our clients,” said Ferony. Both properties transitioned with higher-than-average occupancy rates. Trail Run transitioned at 95% leased at the sale, and Whitney Modern transitioned at 100% occupancy. Both Trail Run and Whitney Modern had less than 1% delinquency at the time of sale.
Trio Properties currently provides property management services in Connecticut, New York, and Florida with over 3,000 residential units and over 200,000 square feet of office and retail space in their current portfolio. Trio’s 30-year expertise spans the continental US, with more than 200,000 units managed in over 17 states. Trio successfully oversees stabilized assets, repositioning plans, lease-ups, and provides consultation and management services for new development construction of multifamily assets. Trio has two locations, with corporate headquarters located in Glastonbury, CT, and a southeast office located in West Palm Beach, FL.