Four New Haven, CT Buildings Sell for $5.5 Million in Multiple Transactions; Northeast Private Client Group Represents Buyers and Sellers

Edward Jordan

 HELTON, CT, Oct. 9, 2015 -– Investment sales broker Northeast Private Client Group has announced the sale of four buildings located in New Haven, CT.  

Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, its regional manager, and David Almeida, a senior associate in the firm’s Connecticut office, represented the sellers and sourced the buyers in multiple transactions totaling $5,450,000.  All of these transactions closed in the past 30 days.

“The success of these transactions is the direct result of our relationship approach to investment sales,” said Jordan.  “Leveraging our multi-state platform enabled us to source the most qualified buyers for each of these assets.”

On September 18, Northeast Private Client Group closed the sale of 105 Court Street, a 30,000-square-foot mixed-use commercial property at the corner of State Street.  The seller, PMC Property Group of Philadelphia, PA, transferred the property to New Haven-based MOD Equities LLC for $1,900,000.  This price equates to a price of nearly $65 per square foot and a capitalization rate of 6.5% on the current net operating income. 

Bradley Balletto

Also on September 18, Northeast Private Client Group closed the sale of the Crawford House Apartments located at 101 Grand Street in New Haven. 

This 12-unit multifamily property traded for $300,000 in an off-market transaction. 

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.

Northeast Private Client Group also closed the sale of 115 Pendleton Street, a 30-unit multifamily property near the intersection of Whalley Avenue and Ella Grasso Boulevard in New Haven on September 18.  The seller, For Life LLC of New Haven, CT, transferred the property to New York-based Cypress Circle Corp for $2,200,000.  This price equates to a price of more than $73,000 per unit and a capitalization rate of 7.4% on the current net operating income. 

David Almeida

Lastly, on October 8, Northeast Private Client Group closed the sale of a 21-unit multifamily portfolio comprising properties located at 271 Sherman Avenue, 25-29 Judith Terrace  and 195-199 Lenox Street in New Haven. 

The seller, Kris Andrew Properties LLC of New Haven, CT, transferred the property to New Haven-based Super Zen LLC for $1,050,000.  This price equates to a price of $50,000 per unit and a capitalization rate of 10% on the current net operating income. 

“New Haven multifamily and mixed-use assets are trading on strong occupancy and rent growth,” said Balletto.  “Our multi-state brokerage platform benefits sellers and buyers alike and results in successful transactions for all parties.”

For a complete copy of the company’s news release, please contact:

Randy Savicky

Founder/CEO

Strategy+Communications

Concierge Public Relations Services

www.strategypluscommunications.com

203-226-6156

www.northeastpcg.com