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| Bradley Balletto |
SHELTON, CT, July 17, 2015 -- Investment sales broker
Northeast Private Client Group has announced the sale of two suburban
multifamily properties located in Cheshire and Greenwich, CT.
Bradley Balletto,
the firm’s regional manager, and David
Almeida, senior associate in the firm's Connecticut office, represented the
sellers and the buyers in the two transactions, which closed on June 3 and June
30, respectively.
“The demand for smaller suburban multifamily is
particularly strong among private investors," said Edward Jordan, JD, CCIM, the firm’s managing director. "Our multi-state platform delivered
highly competitive pricing for these two suburban assets.”
The Cheshire, CT, property, located at 122 Country Club
Road, comprises 16 two-bedroom apartment units and 10 garages with tenant-paid
utilities. The seller was a private
investor based in Norwalk, CT.
 |
| David Almeida |
The buyer is a private investor based in Shelton,
CT. The property sold for $1,475,000, a
price that equates to more than $92,000 per unit and represents a
capitalization rate of 7.0% on the current net operating income.
The Greenwich, CT, property, located at 307 Hamilton
Avenue, comprises five apartment units in two brick buildings with
landlord-paid utilities. The seller was
a New York-based real estate investment fund.
The buyer is a private investor based in New York.
The property sold for $1,400,000, a price that equates to
$280,000 per unit and represents a capitalization rate of 6.1% on the current
net operating income.
“Importing capital from outside the immediate area drives
higher pricing for sellers and benefits buyers as well,” said Mr.
Balletto. “New York-based buyers enjoy
higher returns in Fairfield County, and Fairfield County buyers look for better
yields in New Haven County.”
For a complete
copy of the company’s news release, please contact:
Randy Savicky
Founder/CEO
Strategy+Communications
Concierge Public Relations Services
203-226-6156
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