Northeast Private Client Group® (NEPCG) has announced the sale of 38-40 Glenwood Ave. in Norwalk, CT.
Senior Associates Rich Edwards and Jeff Wright, along with Associate Patrick Hegarty, represented the seller and procured the buyer for a 10-unit value-add multifamily investment property.
The Apartments at Glenwood sold for $2,195,000 and include eight (8) two-bedroom townhomes and two (2) one-bedroom apartments. Glenwood Apartments feature a combination of amenities such as private entrances, in-unit laundry, central A/C, basements, garages, screened porches, and wooden decks. Tenants are responsible for their own electric and heating expenses, while the landlord is responsible for cold water and sewer expenses.
The property is conveniently located between the South Norwalk (SoNo) and Spring Hill neighborhoods. Situated just off Route 1 and less than one minute from Interstate 95 on and offramps, The Apartments at Glenwood’s location provides tenants tremendous access to employment, transportation, and shopping. Within just a 5-minute drive, tenants can enjoy all SoNo, one of Connecticut’s premier dining, entertainment, and nightlife hubs, has to offer.
“The Apartments at Glenwood has been under the current ownership since 2005. While the property has been very well maintained, all units feature classic finishes. The buyer plans to implement an apartment renovation program to achieve rental premiums resulting in over $100,000 in additional annual rental revenue. This transaction was an incredibly competitive process; that led to a full price offer with noncontingent terms.” – Rich Edwards, Senior Associate
Northeast Private Client Group® specializes in mid-market mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.
As seen in: Westfair