 |
| David Almeida |
SHELTON, CT –
Investment sales broker Northeast Private Client Group has announced the sale
of Brookstone Court Apartments, a 160-unit multifamily property located in West
Hartford, 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 $12,800,000 transaction, which closed on April 30.
“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.
“With our regional brokerage platform, we were able to create tremendous
competition for this asset among highly qualified buyers from Boston to New
York."
Brookstone
Court Apartments comprises 10 garden-style apartment buildings situated on
Hillcrest Avenue and Steven Street in
West Hartford, CT.
 |
| Bradley Balletto |
Built in 1953,
the complex has 160 total units in 10 buildings. The seller, Harvest Apartments, is a
Connecticut- based national multifamily operator.
The buyer, Detail Management, purchased the
property for a price that equates to nearly $80,000 per unit, which represents
a capitalization rate of 6.94% on the current net operating income.
“High
occupancy and growing rents continue to drive strong demand for apartment
properties,” said Mr. Balletto.
“Multifamily investments continue to outperform nearly all other asset
types.”
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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