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| Westview House Apartments, Waterbury, CT |
BRIDGEPORT, CT., April 10, 2013 – Investment sales broker
Northeast Private Client Group has announced the sale of the Westview House
Apartments, a 66-unit mid-rise apartment building located at 170 Hillside
Avenue in Waterbury, CT.
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| Bradley Balletto |
Bradley Balletto, the firm’s regional manager for
Connecticut, represented both the seller and the buyer in the $1,745,000
transaction, which closed on April 3rd.
“The Westview property
was a great repositioning play,” notes Balletto. “After more than a decade under the same ownership, it was the
right time for a well-capitalized Manhattan investor to take this asset to the
next level. With our regional brokerage
platform, we were able to identify just the right buyer for the assignment and
closet he transaction.”
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| Edward Jordan |
The buyer, Laui LLC,
based in New York, purchased the Westview Apartments property for a price that
equates to nearly $26,500 per unit, which represents a capitalization rate of
11 per cent on the current year’s net operating income. The seller, Waterbury Carlton Apartments of
Waterbury will focus on new development projects moving forward.
“The success of
this transaction is a direct result of our commitment to relationship-based
brokerage,” explains Edward Jordan, JD, CCIM, the firm’s managing
director. “With our relationships and market expertise, we secured the
exclusive right to sell the asset and identified the buyer best suited for this
opportunity.”
For a complete copy of the company’s news release, please
contact:
Rick Leonard
203.434.7734
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