As seen in Real Estate Weekly
Northeast Private Client Group announced the following sales:
• Regency Court Apartments located at 19 Stony Hill Road and 50 Country Club Road in Cheshire, Conn. Edward Jordan, the firm’s managing director, and Taylor Perun, senior associate in the firm’s Connecticut office, represented the seller and procured the buyer in the $1,980,000 transaction. The seller, Regency Court LLC is based in Cheshire, Conn. The buyer, a private Connecticut-based investor, purchased the property for a price that equates to $90,000 per unit, and a capitalization rate of 7.7 percent based on current net operating income. The property consists of 22 apartment units and 10 garage bays which provide additional income.
• 15 State Street, a 12-unit multifamily building was sold by a private Connecticut company to Connecticut-based Lerco Corporation for $545,000. This equates to a price of $45,416 per unit and a capitalization rate of 8.4 percent on the current net operating income. Taylor Perun, a senior associate, represented the seller and sourced the buyer.
• 1030 Meriden Road and 209 Wolcott Street. Meriden Estates is a 24-unit multifamily property while Valley View (209 Wolcott) boasts 29 units. Both were traded to a private Connecticut-based investor for $1,405,000 (Meriden Estates) and $1,895,000 (Valley View) as a portfolio sale. This equates to a price of $58,541 per unit for Meriden Road and $65,344 per unit for Wolcott Street. The seller, Ansonia Riverview Apartments, is a Connecticut-based property management firm. Brad Balletto, VP Investments, along with Rich Edwards and Jeff Wright, represented the seller and sourced the buyer in two simultaneous transactions totaling $3,300,000.
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.