Norwalk’s Point Rock Apartments sells for $17M

 

As seen on Westfair Online

 

The Point Rock Apartments at 34 Oakwood Ave. in Norwalk has been sold in a $17 million transaction.

The 54-unit, three-story, multifamily property was built in 2015 on a 2-acre parcel. Northeast Private Client Group represented the seller, who was identified as a “private Connecticut-based developer,” and procured the buyer, who was identified as a “New York-based investor,” in a deal that was promoted as being “$314,815 per unit and a cap rate of 5.56%.”

“Norwalk has strong demographics and employment together with a thriving cultural and entertainment scene,” said Brad Balletto, vice president of investments at Northeast Private Client Group. “Those qualities, along with its proximity to Metro-North rail service and to job centers in Westchester County and New York City, makes it well-positioned for future rent growth and an ideal acquisition for a New York-based investor’s first Connecticut acquisition.”

 

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.