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| 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
28-unit garden-style apartment complex located at 209 Wolcott Street 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 $1,350,000
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.
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| Edward Jordan |
The Connecticut-based buyer, 209 Wolcott Waterbury LLC,
purchased the Valley View Apartments property for a price that equates to more
than $48,000 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
RCL Communications
203.434.7734
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