Northeast Private Client Group Facilitates Sale of Historic Mill Conversion in Glastonbury for $11.45 Million
– Leading mid-market investment sales firm represents seller and sources buyer for luxury multifamily property in Glastonbury, CT–
Shelton, CT (October 8, 2019) – Real Estate investment services firm Northeast Private Client Group has announced the sale of Addison Mill Lofts located at 64 Addison Road in Glastonbury, CT. Bradley Balletto, vice president of investments for the firm, along with investment associates Rich Edwards and Jeff Wright, represented the seller and procured the buyer in the $11,450,000 transaction.
Addison Mill Lofts is a historic mill conversion consisting of 55 luxury apartments. Located in a premier upstate Connecticut location, Northeast Private Client Group leveraged its regional platform to import out-of-state capital into this Hartford submarket
“Our multi-state platform made it possible to identify a qualified New York City-based investor for this opportunity,” Balletto explained. “Bringing the right investor to the deal was essential to an efficient and seamless transaction for our client, an out-of-market seller.”
Addison Mill, LLC sold the property to a private New York based buyer for a price that equates to $208,181 per unit, and a capitalization rate of 5.77 percent on current net operating income.
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.