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| David Almeida |
BRIDGEPORT, CT – Investment sales broker Northeast Private
Client Group has announced the sale of 457 Whalley Avenue and 25 Springside
Avenue, an 88-unit multifamily portfolio in New Haven, CT.
David Almeida, senior associate in the firm’s
Connecticut office, represented the seller and Bradley Balletto, the
firm’s regional manager for Connecticut, represented the buyer in the
$6,712,500 off-market transaction, which closed on September 10.
“The success of this transaction is the direct result of our
relationship approach to investment sales,” said Edward Jordan, JD,
CCIM, the firm’s managing director.
The 60,000 square foot property at 457 Whalley Avenue, known
as Brendan Towers, comprises 60-units on two acres with tenant-paid
utilities. The property offers on-site
amenities and ample off-street parking.
The 24,000 square foot property at 25 Springside Avenue,
known as Spring Glen Apartments, comprises 28-units on more than one acre with
tenant-paid utilities. Both properties
have been professionally managed.
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| Bradley Balletto |
The seller, Spring Glen Apartments LLC and Whalley
Associates LLC, is Wethersfield, CT-based multifamily investor.
The buyer, Navarino Acquisitions LLC of Bridgeport, CT,
purchased the two-building portfolio for a price that equates to more than
$76,000 per unit, which represents a capitalization rate of 7.0% on the current
net operating income.
“High occupancy and growing rents in New Haven are driving
strong demand for multifamily properties,” said Almeida. “These assets performed well over the years
for the seller and will continue to do so for the new owner we brought to this
opportunity.”
For a complete copy
of the company’s news release, please contact:
Randy Savicky
Strategy+Communications
203.226.6156
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