Thursday, July 24, 2014

New Haven Apartment Building Sells for $2.8 Million; Northeast Private Client Group Represents Buyer and Seller


Edward Jordan
BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of 154 Fountain Street, a 54-unit apartment building in the Westville submarket of New Haven, CT. 

Edward Jordan, JD, CCIM, the firm’s managing director, represented the seller and Bradley Balletto, the firm’s regional manager for Connecticut, represented the buyer in the $2,800,000 transaction, which closed on June 30. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Mr. Jordan.  “With our regional brokerage platform, we were able to create tremendous competition for this asset among highly qualified buyers from Boston to New York.”

The Fountain Street property comprises 54 studio units and features ample off-street parking and on-site laundry facilities all within walking distance to Westville Village. 

Bradley Balletto
The seller, Lighthouse Group of New Haven, purchased the property in 2005 and repositioned the property during its ownership to capture strong apartment demand from young professionals eager to live in the Westville area. 

The buyer, Netz USA LLC, purchased the Fountain Street property for a price that equates to nearly $52,000 per unit, which represents a capitalization rate of 7.9% on the current net operating income.  

The transaction was made contingent on the assumption of the existing FNMA mortgage by the buyer.

 “High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Mr. Balletto.  “In today’s uncertain financial conditions, income-producing real estate is still the best vehicle for generating and preserving wealth.”

 For a complete copy of the company’s news release, please contact:

Randy Savicky
Strategy+Communications
203.226.6156


No comments: