Northeast Private Client Group Sells Three Apartment Communities in Northwest Connecticut Totaling 187 Units for $12.4M
— Leading mid-market investment sales firm reps sellers and sources buyers for portfolio sale –
Shelton, Conn. (May 5, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of a portfolio comprised of three Connecticut apartment communities in one transaction totaling $12,400,000.
“This sale in Northwest Connecticut demonstrates an often-overlooked opportunity by investors solely focused on value-add properties” said Brad Balletto, VP investments. This portfolio of quality, stabilized assets in secondary and tertiary markets is poised to take advantage of the trend of ”areas with nominal rents experiencing the highest year-over-year rent growth. Best-in-class rental options in peripheral markets like these represent a win-win proposition for buyers by offering immediate cash flow and expected revenue growth without the need to reposition the assets.”
On April 15th, Balletto, and Investment Associates, Rich Edwards and Jeff Wright, in the firm’s Shelton, Conn. office, represented the seller and procured the buyer of 13 Wallens Street in Winsted, Conn. along with 441 Winthrop Court and 451 Harwinton Avenue in Torrington, Conn. The sellers, Still River Mill Apartments, LLC, Brookgate Apartments, LLC, and Winthrop Apartments, LLC, based in Ansonia, Conn., sold the properties to Yellowstone Property Group out of Monsey, NY for $12,400,000. This sale closed at a capitalization rate of 7.3 percent on the current net operating income.
The Northwest Connecticut Portfolio is comprised of three apartment communities, with a total 187 units. Gilbert Clock is an attractive mill conversion with 73 loft-style units, unique layouts and large windows. Winthrop is a 43-unit classic brick, garden-style community with manicured grounds in a quiet suburban location. Brookgate is another garden-style complex with 54 units and convenient access to Route 8.
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.