Torrington, CT Investment sales broker Northeast Private Client Group has announced the sale of 128 Church St., a 27-unit multifamily property. Edward Jordan, JD, CCIM, the firm’s managing director, represented the seller in the $975,000 transaction, which closed on August 8. The property comprises a mix of 12 two-bedroom units, 11 one-bedroom units, and four studio units, situated on a quiet cul de sac in the downtown Torrington submarket.
The seller, a New York-based multifamily investor, originally purchased the property in 2005, and installed professional CT-based management. The buyer, a private investor from Fairfield County, CT, purchased the 128 Church St. property for a price that equates to $36,111 per unit, which represents a capitalization rate of 9.65 per cent on the current year’s net operating income. The buyer was represented in the transaction by Bill Micinilio of the Higgins Group.