Shelton Real Estate Firm Eyes Expansion

As seen on New Haven Biz

A Connecticut commercial real estate agency is setting its sights southward and westward. Northeast Private Client Group said it recently closed deals in Georgia and South Dakota totaling $34.4 million, part of a deliberate push to extend its reach beyond the Northeast. The Shelton-based investment sales firm specializes in assisting investors, owners and syndicators of mid-market multi-family real estate properties between $1 million and $50 million. It primarily brokers deals in Connecticut, Rhode Island, Massachusetts and New York.

But the company began expanding into new markets during the second half of 2020, closing its first sales in North Carolina and Georgia in October and December, respectively, said Marketing Coordinator Lauren Schreiber. She said the company is also working on deals in New Hampshire, South Carolina and Florida. NPCG recently hired an investment associate who will focus specifically on the Southeast, according to Schreiber.

Earlier this month, the company announced it represented the buyer in the sale of a 220-unit apartment complex in Sioux Falls, South Dakota for $23 million, or $104,545 per unit and a 5.12% cap rate. It also represented the seller and procured the buyer in the sale of a 148-unit apartment building in the Atlanta suburb of Riverdale, Georgia for $11.4 million, or $77,000 per unit and a 4.53% cap rate. NPCG officials said both deals offered the buyers an opportunity to capitalize on strong growth in those markets.

Vice President of Investments Brad Balletto said in an email that the company’s clients continue to be largely based in and focused on Northeast markets, but increasingly are looking to either expand into the Southeast, or are already there. “It was only natural for us to grow and expand with them, as we have throughout our career and history at our firm,” he said. “The growth story in the Southeast is undeniable, and our clients have taken notice.”

“That said, we continue to passionately believe in the Northeast,” he added. “And as the Southeast profile continues to be raised, so does the competition and pricing for assets there. This makes the Northeast look like an increasingly good opportunity by comparison as well.” Sioux Falls, South Dakota still is not on the radar of many Northeastern investors, according to the company, but Balletto said NPCG and a client collectively identified it as “a tremendous opportunity.”

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