On the Scene

As seen in Real Estate Weekly

Investment sales broker Northeast Private Client Group has announced the sales of nine Bridgeport properties consisting of 152 units in four transactions totaling $11,725,000.

              BRAD BALLETTO

Brad Balletto, VP of investments, along with Rich Edwards, investment associate, and Jeff Wright, investment associate, in Northeast’s Shelton, Conn. office, arranged the following deals:

• Represented the seller and procured the buyer of 740 Ellsworth Street and 191 Oak Street in Bridgeport, Conn., a 44-unit multifamily portfolio. The seller, a Bridgeport based owner operator, sold the properties to a private Connecticut-based investor for $3,600,000. This sale closed at a blended capitalization rate of 7.03 percent on the current combined net operating income of both buildings.

• Represented the seller and procured the buyer of 240 Oak Street, a 32-unit multifamily building in Bridgeport, Conn. The seller, Bros Mgmt LLC, based in Yonkers, New York, sold the property to a private investor, based in Norwalk, Conn., for $2,300,000. This sale closed at a capitalization rate of 7.53 percent on the current combined net operating income of the buildings.

• Represented the seller and procured the buyer of a two-location multifamily portfolio in Bridgeport, Conn. The two properties consist of 35 units. The private Connecticut-based seller sold the properties to Blue Garden Apartments LLC for a combined total of $2,275,000. The sale closed at a blended capitalization rate of 7.3 percent on the current combined net operating income of the buildings.

• Represented the seller and procured the buyer of four multifamily properties on East Main Street in Bridgeport, Conn. The properties included in the portfolio were located at 420-428, 411-425, 453-457, and 503-519 East Main Street. The four properties consisted of 41 units. The seller, East Main 503 LLC, sold the properties to a private investor, based in Norwalk, Conn., for a combined total of $3,550,000. This sale closed at a blended capitalization rate of 8.0 percent on the current combined net operating income of the buildings.

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.