Wednesday, April 10, 2013

Northeast Private Client Group Represents Buyer and Seller in $1.75 Million Sale of Waterbury, CT Apartment Building





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.  

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.”

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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