Wednesday, June 3, 2015

West Hartford, CT Apartment Property Sells for $12.8 Million; Northeast Private Client Group Represents Buyer and Seller


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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