Hi,
yes, there is kind of. It's a bit involving tho.
basically,
1: you need to have a transparent material applied to it, so if you have a diffuse, switch to "transparent diffuse" so that you can control the alpha channel.
2: have the color in a FsmColor variable, and animate the alpha channel to fade in or out.
3: use the action "Set material Color",
https://hutonggames.fogbugz.com/default.asp?W380 and plug this Fsmcolor you are animating.
If you need a working example, let me know.
Bye,
Jean