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June 19, 2024

Trio Properties acquires CT property management portfolio 

HBJ Photo | Steve Laschever Jeff Ferony, president of Glastonbury-based Trio Properties.

A major Glastonbury-based apartment manager, Trio Properties, announced it has acquired another Connecticut firm’s commercial property management portfolio.

Jeff Ferony and Jeremy Browning, longtime partners at Trio Properties LLC, have agreed to acquire READCO Property Management LLC from its principal, Michael Lech, the company announced.
 
Trio currently manages 2,500 multifamily units and various commercial and retail spaces in Connecticut and surrounding areas, including along the East Coast and in Texas, Florida, Georgia and Alabama, according to its website. Under the deal, Trio will add READCO’s 2 million-square-foot commercial property management portfolio. 

According to its website, READCO’s property management clients include UConn, Stop & Shop, Walgreens and the city of Hartford, among others. 

Ferony will be the president of the combined management portfolio under Trio Property Management LLC. However, Browning will continue to lead commercial and multifamily development operations under the READCO name.

The two companies said they have a longstanding relationship, which allowed the deal to come together.

Terms of the sale weren’t released. 

“We are thrilled to add this impressive commercial management platform and team of real estate experts to our organization,” Ferony said. “Successful property management is about the people behind the buildings, and both READCO and Trio share the great fortune of having some of the best in the business.”
 

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