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| 3250 East Main Street Apartments, Waterbury, CT |
Bradley Balletto,
the firm’s regional manager for southern Connecticut, represented both the
seller and the buyer in the $3,130,000 transaction, which closed on November
14.
“High occupancy and rent growth are driving strong demand,
especially for multifamily properties,” notes Balletto. “In today’s still uncertain financial market
conditions, income-producing real estate remains one of the best opportunities
for generating and preserving wealth.”
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| Bradley Balletto |
The seller, 3250 East Main LLC of Monsey, NY, purchased the
property in 2004 as one of a series of Connecticut acquisitions at the
time. The buyer, FNL Holdings LLC,
based in New York, purchased the East Main Street property for a price that
equates to $79/SF, which represents a capitalization rate of 8.5 per cent on
the current year’s net operating income.
“Going into 2013, the investment sales cycle continues to
accelerate and activity remains strong,” explains Edward Jordan, JD,
CCIM, the firm’s managing director. “We presently have about two dozen deals
under contract in southern New England.
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| Edward Jordan |
“A robust rental market in many areas gives investors the
confidence to move forward on acquisitions, and the increased competition for
these assets is beneficial to our sellers as well.”
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 currently serves
on the board of directors of the Connecticut chapter of CCIM.
Contact
Rick Leonard
203.434.7734
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