An East Haven apartment complex has sold for $21 million.
Paredim Partners LLC and LEM Capital purchased Stony Brook Village Apartments, a 165-unit apartment community on 20 acres. LEM’s investment was made on behalf of one of the firm’s managed institutional real estate funds.
Stony Brook Village was built in two phases, 40 units in 1989 and 125 units in 1996. The property includes a mix of one-, two- and three-bedroom units with open floor plans and patios or balconies. The property was originally built as condominiums.
"We are investing in a well-located, high-quality asset with great upside potential," David Parisier, Paredim’s managing director and founding principal, said in a statement. "Value-enhancing renovations are planned under the direction of our experienced redevelopment and management team that has overseen similar projects in our nearly 2,000-unit portfolio throughout New Haven, Fairfield and other Connecticut markets."