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| David Almeida |
SHELTON, CT -- Investment sales broker Northeast Private
Client Group has announced the sale of a 203-unit, four-building multifamily
portfolio in New Haven and West Haven, CT.
David Almeida, senior associate in the firm’s Connecticut office,
and Bradley Balletto, the firm’s
regional manager, represented the seller and the buyer in the $14,200,000
transaction, which closed on April 23.
“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 portfolio consists of Diamond Ridge Apartments, a
92-unit property located at 115-277 Diamond Street in New Haven; Crestview
Apartments, a 63-unit property located at 62 Treat Street in West Haven;
Boulevard Apartments, a 24-unit property located at 1495 Ella T. Grasso
Boulevard in New Haven; and Tamarack Apartments, a 24-unit property located at
169 West Spring Street in West Haven.
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| Bradley Balletto |
The properties traded at a price that equates to nearly $70,000 per unit, which represents a capitalization rate of 7.0% on the current net operating income.
The seller,
Harvest Apartments, is a national multifamily investor based in Wethersfield,
CT.
The buying entity is affiliated with
Navarino Capital Management of Bridgeport, CT, an owner/operator of southern
New England multifamily and commercial assets.
Goldman, Gruder & Woods, LLC was the buyer's legal representative.
“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.”
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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