Waterbury, CT Apartment Building Sells for $1.35 Million

  

Valley View Apartments, 209 Wolcott Street, Waterbury, CT

  

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of the Valley View Apartments, a 29-unit garden-style apartment complex located at 209 Wolcott Street in Waterbury, CT.

Bradley Balletto

  Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,350,000 transaction, which closed on September 26th.

 “High occupancy and rent growth are driving strong demand, especially for multifamily properties,” notes Balletto.  “In today’s slow recovering financial market conditions, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”

 The Valley View Apartments consist of studio, one-bedroom and two-bedroom apartments built in 1989, with 11 income-generating garages set on 2.32 acres.

Edward Jordan

The Connecticut-based buyer, 209 Wolcott Waterbury LLC, purchased the Valley View Apartments property for a price that equates to more than $46,500 per unit, which represents a capitalization rate of 9.3 per cent on the current year’s net operating income.  The seller, ROI Valley View LLC of Waterbury, CT, will focus on new projects moving forward. 

 “The success of this transaction is the result of our relation-based approach to investment sales,” explains Edward Jordan, JD, CCIM, the firm’s managing director.  “With our regional brokerage platform, we were able to identify the right buyer for the assignment and close the deal.”

For a complete copy of the company’s news release, please contact:

Rick Leonard

 rleonard81@gmail.com

203.434.7734