An out-of-state investor has acquired four apartment complexes across Connecticut for $121 million, rebranding the properties under its existing ReNew portfolio.
FPA Multifamily, based in San Francisco, is now the new owner of:
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Silvertree in Wallingford (now ReNew Wallingford)
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New Cambridge in Bristol (now ReNew Bristol)
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Peppertree in Groton (now ReNew Groton)
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Huntington Ridge in Norwich (now ReNew Norwich)
These properties were previously owned by Sun Equity Partners and collectively include nearly 700 units, though only a few were listed as available for immediate move-in as of Friday.
FPA’s Growing National Footprint
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Ranked 14th largest apartment owner in the U.S. by the National Multifamily Housing Council, FPA Multifamily added over 10,000 units in the past year, surpassing 62,000 units total.
The company manages its holdings through Trinity Property Consultants. While FPA did not comment on the purchase, a broker from Institutional Property Advisors said the properties offer “significant revenue upside potential.”
Details on the Newly Acquired Complexes:
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ReNew Norwich: 100 units, built in 2004 (61 Henry St.)
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ReNew Wallingford: 180 units, built in 1976 (181 Knollwood Dr.)
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ReNew Groton: 205 units, built in 1975 (26 Bishop Ln.)
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ReNew Bristol: 208 units, built in 1969 (1175 Farmington Ave.)
Other FPA Activity in Connecticut
FPA has been active in Connecticut in recent years:
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Arrive Stamford: Bought for $84M in 2021 (100 Morgan St.)
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ReNew Danbury: Purchased for $41.2M (10 Clapboard Ridge Rd.)
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Lofts at 335, Stratford: 71 units, bought for $17.3M, now listed for sale
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Charles Drive Apartments, Manchester: Sold in 2023 for $11.9M
This latest acquisition signals FPA’s ongoing interest in Connecticut’s multifamily housing market, particularly in properties with strong growth potential.
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