As seen in The Commercial Record
Three Apartment Communities in northwestern Connecticut have been acquired for a combined $12.4 million.
Yellowstone Property Group of Monsey, New York bought the 187-unit portfolio, which includes 13 Wallens St. in Winsted along with 441 Winthrop Court and 451 Harwinton Ave. in Torrington.
Northeast Private Client Group represented the sellers, Still River Mill Apartments, Brookgate Apartments and Winthrop Apartments, all based in Ansonia. The price equates to a cap rate of 7.3 percent on the properties’ current net operating income.
“This portfolio of quality, stabilized assets in secondary and tertiary markets is poised to take advantage of the trend of areas with nominal rents experiencing the highest year-over-year rent growth,” Brad Balletto, Northeast Private Client Group’s vice president of investments, said in a statement. “Best-in-class rental options in peripheral markets like these represent a win-win proposition for buyers by offering immediate cash flow and expected revenue growth without the need to reposition the assets.”
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.