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| Bradley Balletto |
BRIDGEPORT, CT – Investment sales broker Northeast Private
Client Group has announced the sale of Pine Meadows Apartments, a
36-unit multifamily property at 970 South Main Street in Southington, CT.
Bradley Balletto,
the firm’s regional manager, and Taylor Perun, licensed associate in the
firm’s Connecticut office, represented the seller and the buyer in the
$4,100,000 transaction, which closed on January 29.
“The success of this transaction is the direct result of our
relationship approach to investment sales,” said Mr. Balletto.
“With our regional brokerage platform, we
were able to create tremendous competition for this asset among highly
qualified buyers from Boston to New York.”
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| Taylor Perun |
Pine Meadows Apartments is comprised of three buildings with
10 one-bedroom and 26 two-bedroom floor plans.
Unit features include balconies or patios, washer and dryer hookups,
central A/C and covered parking.
Amenities include an elevator, a gazebo and park-like grounds, all
within walking distance of local shopping and restaurants.
The seller, Pine Meadows Home Associates, was the developer
of the property and benefitted from a strong local rental market during more
than a decade of ownership.
The buyer,
Detail Management, purchased the property for a price that equates to nearly
$114,000 per unit, which represents a capitalization rate of 6.7% on the
current net operating income.
“High occupancy and growing rents continue to drive strong
demand for multifamily properties,” said Taylor Perun. “The Connecticut investment sales market is
as active as I’ve seen it.”
For a complete copy
of the company’s news release, please contact:
Randy Savicky
Founder/CEO
Strategy+Communications
Connecting the New PR & Marketing to Business Goals
203-226-6156
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