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| Bradley Balletto |
BRIDGEPORT, CT, Aug. 13, 2014 –- Investment sales broker
Northeast Private Client Group has announced the sale of 45 Hawthorne Street
and 288 Pine Street, a 56-unit multifamily portfolio in Bristol, CT.
Bradley Balletto, the firm’s regional manager for Connecticut,
represented the seller and the buyer in the $3,750,000 transaction, which
closed on August 7.
“The success of this transaction is the direct result of our
relationship approach to investment sales,” said Balletto. “With our extensive experience in the
Connecticut market, we were able to match two of our long-term clients in a
deal that accomplished important objectives for both of them.”
The Hawthorne Street property comprises 32 apartment units
in a quiet residential location, while the Pine Street property comprises 24
apartment units in a similar area. Both
properties are elevator buildings with ample off-street parking and tenant-paid
utilities.
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| Edward Jordan |
The seller, Pine Bristol LLC & Hawthorne Bristol LLC of
Lenox, MA, was a long-time owner capitalizing on the current strength of the
multifamily investment sales market.
The buyer, MPT Partners LLC of Torrington, CT, purchased the
two-building portfolio as an IRS 1031-exchange strategy for a price that
equates to nearly $67,000 per unit, which represents a capitalization rate of
7.4% on the current net operating income.
“Once again, successful transactions start with
relationships,” said Edward Jordan, JD, CCIM, Northeast Private Client
Group's managing director. “With our
regional brokerage platform, we successfully connected this Massachusetts
seller with the right Connecticut buyer to get the deal done.”
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