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| Edward Jordan |
BRIDGEPORT, CT– Investment sales broker Northeast Private
Client Group has announced the sale of a 7-building, 25-unit apartment
portfolio in Greenwich, CT. Edward
Jordan, JD, CCIM the firm’s managing director, represented both the seller
and the buyer in the $4,750,000 transaction, which closed on December 10th.
“Demand remains
strong for mid-market apartment properties in lower Fairfield County” notes
Jordan. “And Greenwich in particular,
given its historically high occupancy, strong rents and its generally robust
economic base, boasts an intrinsic value which many investors find desirable.”
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The seller, a local
Greenwich family, had acquired the various portfolio properties over a number
of years.
Greenwich Riverview LLC, a
New York-based buyer, purchased the seven-building multifamily portfolio for a
price that equates to $190,000 per unit, which represents a capitalization rate
of approximately six per cent on the current year’s net operating income.
“We were able to
identify and source this well-qualified buyer through our White Plains, NY
office, which was instrumental in selling this prized asset at a highly
competitive price,” explains Jordan.
“Going into 2013, investment sales activity continues to build. Our ability to create multi-state
competition for well-positioned assets will continue to benefit our clients in
the New Year.”
Founded in 2010 by Edward
Jordan, Northeast Private Client Group supports real estate investors with
offices in New York, Connecticut and Massachusetts.
The firm specializes in representing owners of income
producing properties, and supporting those who invest and sell property in the
commercial and multifamily sectors across a region that stretches from New York
to Boston.
Jordan holds the Certified Commercial Investment Member
(CCIM) designation and is a past member of the board of directors of CCIM.
Contact:
Rick Leonard
203.434.7734
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