As seen in Real Estate Weekly
● Northeast Private Client Group
Stamford luxury apartment buildings trade for $35M
Investment sales broker Northeast Private Client Group has announced the recent sale of two multifamily buildings located in Stamford, Conn. Bradley Balletto, vice president, investments, together with Rich Edwards and Jeff Wright, investment associates in the firm’s Connecticut office, represented the seller and sourced the buyer in the off-market transaction.
On July 24, Northeast Private Client Group closed the sale of The Moderne Apartments located at 163 Franklin Street and The Verano Apartments, located at 750 Summer Street. Each property comprises 58 luxury apartment units.The seller, RMS Companies of Stamford, Conn., sold the properties to Navarino Acquisitions LLC for $35,000,000 in an off-market transaction. The price paid equates to $301,724 per unit, $270 per gross square foot, and a capitalization rate of 5.4 percent on year-one net operating income.
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.