Named to the prestigious Inc. 5000 list as one of the fastest growing real estate firms in the Northeast, 2016 was a banner year for Northeast Private Client Group (Northeast PCG). With investment properties in Boston and New York City transacting at record highs, investors were driven to explore opportunities in neighboring submarkets where there was opportunity to add value, reposition assets and maximize returns.
Hartford County commercial property sells for $3.425 million
In December 2016, Northeast PCG represented the seller in the $3.425 million sale of Fiddler’s Green, a 25,750-square-foot mixed use commercial property located at 2-10 Wilcox Street in downtown Simsbury, Conn. A fully-renovated, 100 percent leased property, Fiddler’s Green was home to a mix of local retailers, restaurants and businesses on net and modified gross leases. The property is well-positioned for continued appreciation, as Simsbury’s demographics show continued strength. Fiddler’s Green was sold together with the adjacent 3,750-square-foot mixed-use property known as 750 Hopmeadow Street, a historic residential structure to be used for commercial purposes.
Twenty-two unit multifamily property in Southern Westchester sells for $2.75 million
Facing record-high selling prices in Manhattan and the boroughs, the lower Hudson Valley and, in particular, Westchester County, remain attractive to investors. In November, Northeast PCG represented the seller of the 12,450-square-foot, 22-unit, five-story Franklyn Apartments building located at 14 Highland Avenue in Yonkers. The property, which is located in close proximity to the Metro-North commuter rail station and has undergone significant capital improvements during the past 10 years, sold for $2.75 million
Bronx market remains strong with 14-unit multifamily transacting for $2.3 million
As previously noted on our blog, the investment real estate market in the Bronx remains strong. In October, our team represented the seller and procured the buyer for 965-971 E 232 Street in the Bronx, a multifamily property that transacted for $2.3 million. The 14-unit property, located in the Wakefield section of the Bronx, features two one-bedroom and 12 two-bedroom units in a highly desirable neighborhood. The property was purchased by a New York-based real estate investor for a price that equates to roughly $164,285 per unit and a capitalization rate of 5.49 percent.
Thirty-four unit mixed use property in Franklin County, Mass. sells for $2.19 million
Boston’s thriving investment real estate market continues to drive investors to explore opportunities in secondary markets across Massachusetts. In September, Northeast Private Client Group represented the seller of 278 Main Street in Greenfield, Mass., a 48,000-square-foot mixed use property in close proximity to I-91 in Western Massachusetts. The four-story, 34-unit property sold for $2.19 million.
Northern New Britain proves desirable for investors, 80-unit multifamily sells for $4.46 million
Hartford, along with neighboring Springfield, Mass., reached their peak in the current investment real estate cycle during 2016. In August, our team represented the seller of Farmington House Apartments, an 80-unit multifamily property located at 418 Farmington Avenue in New Britain, Conn. Offering easy access to highways, shopping and restaurants, the eight-building property boasted stronger rents and higher occupancy rates than other properties in the area, showing that the north side of New Britain was becoming more desirable for investors. The property sold for $4.46 million.
Continued demand for Class-B housing in Connecticut leads to sale of $3.75 million multifamily portfolio
In August, Northeast PCG represented the seller of a two building multifamily portfolio in Southern Connecticut. The two properties, located at 725 Whitney Avenue (East Rock submarket) and 58 Fountain Street (Westville submarket) in New Haven, were desirable assets, featuring off-street parking. With continued demand for workforce level housing in Connecticut – and little if any new Class-B and Class-C projects coming to market during this cycle – the portfolio sold for $3.75 million.
With a proven track record of matching sellers with qualified buyers of investment real estate in Connecticut, Massachusetts and New York, Northeast PCG’s focus on relationship-driven brokerage yields measurable returns for its clients.
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