Northeast Private Client Group Sells Multiple New Haven Apartment Buildings for $13.3 Million
– Leading mid-market investment sales firm reps sellers and sources buyers in both transactions –
Shelton, Conn. (March 11, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of three New Haven, Conn. apartment buildings in two transactions totaling $13,300,000. Brad Balletto, VP Investments, and Rich Edwards & Jeff Wright, investment associates, in the firm’s Shelton, Conn. office, represented the seller and procured the buyer in both transactions.
The sale of Brendan Towers, a 60-unit brick apartment building located at 457 Whalley Avenue in New Haven closed on January 31st. The seller, Navarino Capital, based in Bridgeport, sold the property to a private Westchester-based investor for $6,700,000, or $111,666/unit. This sale closed at a capitalization rate of 6.7 percent on the current net operating income. Navarino had invested significantly in improvements to the building over the past three years. This was the buyer’s second acquisition in New Haven, following their 2017 purchase of a mixed-use building downtown.
The portfolio sale of 420 and 431 Whitney Avenue in East Rock closed on February 12th for $6,600,000, or $200,000/unit, at a blended capitalization rate of 4.8 percent on the current combined net operating income of both buildings. Together, the two buildings are comprised of 33 apartments with off-street parking and a nine-car garage. The seller, Hadley Inc., based in New Haven, sold the properties to MOD Equities LLC, also out of New Haven. The buildings had not traded hands for 30 years. In this transaction MOD added two trophy assets to their East Rock holdings, while Hadley was able to capitalize on strong investor demand for apartment properties near Yale.
“While many would contend that prices have been driven up and created a sellers’ market – ” Balletto opines, “it is my contention that the current pricing level has created a unique opportunity for buyers to collect highly desirable properties that might not otherwise be available. Both of these transactions were a win for all sides.”
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.