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| Kimberly Apartments, 140 Alice Street, Bridgewater, CT |
BRIDGEPORT, CT, Aug/
9, 2013 – Investment sales broker
Northeast Private Client Group has announced the sale of four Bridgeport
apartment properties: 140 Alice
Street, 45 Wheeler Avenue, 155 Wayne Street and 840 Howard Avenue.
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| Bradley Balletto |
The four properties traded in three separate transactions
during the month of July for a combined value of $4,635,000, representing a
blended 9.5% capitalization rate on current Net Operating Income.
Bradley Balletto,
regional manager in the firm’s Bridgeport office, represented the individual
sellers and buyers in the transactions.
“These recent sales
are indicative of the strong demand for value-add multifamily assets in
southwestern Connecticut,” notes Balletto.
“It’s nice to see Bridgeport multifamily pushing $60,000 per unit in
active trading.”
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| 155 Wayne Street apartments Bridgeport, CT |
The properties at
140 Alice Street and 45 Wheeler Avenue, with a total of 46 apartment units,
were purchased by Kimberly Apartments LLC and Sullivan Apartments LLC,
comprising multiple prívate investors based in Connecticut and New Jersey.
The seller was a
Bridgeport-based investor who had owned and operated the properties for the
past 15 years. The transaction price of
$2,750,000 equates to nearly $60,000 per unit.
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| 840 Howard Avenue Apartments Bridgeport, CT |
The property at 155
Wayne Street, with a total of 20 units, was purchased by 155 Wayne Navcapman
LLC, a Bridgeport based investment group for $975,000, which equates to $48,750
per unit. The seller was a southern
Connecticut multifamily operator looking to divest non-core assets.
The property at 840
Howard Avenue, with a total of 21 units, was purchased by Connecticut Realty
Trust LLC, a Fairfield, CT- based investment Group, for $910,000 which equates
to more than $43,000 per unit. The
seller was 840 Howard Navcapman LLC, a Bridgeport-based investor who had made
significant improvements to the property since acquiring it in 2011.
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| Edward Jordan |
“The success of
these transactions are proof positive of our commitment to relationship-based
brokerage,” explains Edward Jordan, JD, CCIM, the firm’s managing
director. “With our relationships and market expertise across the region, we
identified the buyer best suited to these opportunities.”
For a complete copy of the company’s news release, please
contact:
Rick Leonard
203.434.7734
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