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Northeast Private Client Group® Facilitates Sale of $15.5 Million in Multifamily Apartment Properties

The Metro North Investment Sales Team consisting of Brad Balletto, Rich Edwards, Jeff Wright, and Bob Paterno recently brokered the sale of four (4) multifamily properties in Connecticut.

Westnor Apartments is a three-story, 57-unit multifamily investment property located at 45 Monroe Street in Bridgeport, Connecticut. The property sold for $8,100,000, equating to a price of $142,105 per apartment. The property is ideally located in the highly desirable Black Rock neighborhood with access to transportation, shopping, dining, and nightlife. It is just a five-minute walk from the heart of the neighborhood and the waterfront promenade.

Nicoll Street Apartments is a 10,332 square foot boutique luxury apartment complex in New Haven, Connecticut. Located at 245-258 Nicoll Street, this (9) nine-unit complex is situated in the heart of the highly desirable East Rock neighborhood. The property sold for $2,180,000 at a price per unit of $242,222. Completely renovated in 2015, the property features luxury finishes and in-unit laundry.

Norell Apartments, located at 48 Amsterdam Avenue in Bridgeport, Connecticut, sold for $3,100,000. Situated in the North End neighborhood of the city, just northwest of downtown, its location provides access to transportation, shopping, dining, entertainment, and nightlife. This 16,500 square foot multifamily building sold for$124,000 per unit. The property consists of 25 residential units. This three-story property includes parking for 25 vehicles.

Washington Park, a 13-unit apartment property located at 29-37 Washington Ave in Hamden, Connecticut, sold for $2,100,000, equating to $161,538 per unit. This apartment property consists of 10; 1-Bedroom apartments built in 2007 and three (3) additional units in the front house that was gutted to the studs and completely rebuilt at the same time. The total gross living area is 10,518 square feet on 0.58 acres. The property also offers 25 off-street parking spaces.

“The Connecticut Multifamily investment sales market continues to see strong demand from regional investors. I believe it remains one of the best investment opportunities in the country when considering going-in yield, demographics, and rent growth.” – Brad Balletto, Senior VP, Investments.

Northeast Private Client Group® specializes in 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.

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