Stratford Apartment Complex Sells for $14.2 Million in Off-Market Transaction Facilitated by Northeast Private Client Group
– Leading mid-market investment sales firm represents seller and sources buyer for 128-unit Stratford, Conn. multifamily property –
Stratford, CT (August 1, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of Sherwood and Shakespeare Apartments located at 490 and 498 Sherwood Place and Avon Apartments located at 1126 Stratford Avenue in Stratford, Conn and totaling 128 apartments. Brad Balletto, Northeast Private Client Group’s VP of Investments, represented the seller and procured the buyer in the $14,190,000 transaction.
“This was one of those challenging deals that required a significant time investment and disciplined management of each part of the transaction,” Balletto explained “To execute on the seller’s terms, it was necessary to have not only the right buyer, but the right lender and equity as well as a strong understanding of the property.”
Prior to hiring Northeast Private Client Group, the seller had received interest from brokers representing buyers at below-market values. Northeast’s commitment to seller-representation, and deep relationships among active investors, allowed them to develop a highly competitive offer from a qualified buyer who signed a non-contingent contract within days. The firm’s long-standing relationship with the seller and buyer, and the ability to advocate on behalf of the property, market, and opportunity were all integral to executing a transaction to the satisfaction and benefit of both parties.
The Stratford-based seller, Stratcon Properties LLC, sold the property to a private Bridgeport-based investor for a price that equates to $110,859 per unit, and a capitalization rate of 5.85 percent based on current net operating income. The property is comprised of three adjacent buildings in a convenient Stratford location, close to I-95, and within walking distance to the Stratford Metro North Station, Downtown Stratford, American Shakespeare state park, and restaurants located along the Housatonic River.
About Northeast Private Client Group
Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors 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. To learn more, visit: www.northeastpcg.com.