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| Edward Jordan |
BRIDGEPORT, CT – Investment sales broker Northeast Private
Client Group has announced the sale of 154 Fountain Street, a 54-unit
apartment building in the Westville submarket of New Haven, CT.
Edward Jordan, JD, CCIM, the firm’s managing
director, represented the seller and Bradley Balletto, the firm’s
regional manager for Connecticut, represented the buyer in the $2,800,000
transaction, which closed on June 30.
“The success of this transaction is the direct result of our
relationship approach to investment sales,” said Mr. Jordan. “With our regional brokerage platform, we
were able to create tremendous competition for this asset among highly
qualified buyers from Boston to New York.”
The Fountain Street property comprises 54 studio units and
features ample off-street parking and on-site laundry facilities all within
walking distance to Westville Village.
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| Bradley Balletto |
The seller, Lighthouse Group of New Haven, purchased the
property in 2005 and repositioned the property during its ownership to capture
strong apartment demand from young professionals eager to live in the Westville
area.
The buyer, Netz USA LLC, purchased the Fountain Street
property for a price that equates to nearly $52,000 per unit, which represents
a capitalization rate of 7.9% on the current net operating income.
The transaction was made contingent on the
assumption of the existing FNMA mortgage by the buyer.
“High occupancy and
growing rents in New Haven are driving strong demand for multifamily
properties,” said Mr. Balletto. “In
today’s uncertain financial conditions, income-producing real estate is still
the best vehicle for generating and preserving wealth.”
For a complete copy of the company’s news release, please
contact:
Randy Savicky
Strategy+Communications
203.226.6156
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