Northeast Private Client Group Sells New Haven Multifamily for $3,950,000
– Leading mid-market investment sales firm represents seller and sources buyer for multifamily property in New Haven, CT–
New Haven, CT (September 24, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of Terrace Heights located at 70 Terrace Street in New Haven, CT. Brad Balletto, VP of Investments for the firm, along with investment associates, Rich Edwards and Jeff Wright, represented the seller and procured the buyer in the $3,950,000 transaction.
Terrace Heights is a multifamily community comprised of forty-one units situated on 1.93 acres of land. The property consists of eight (8) buildings, consisting of eight (8) one-bedroom lofts, 24 one-bedroom apartments and nine (9) two-bedroom apartments. The buildings and units have undergone significant renovations recently, including refurbished decks, repaved parking, and new landscaping as well as new appliances, granite counter tops, new flooring and more.
Terrace New Haven, LLC sold the property to a private New Haven-based buyer for a price that equates to $96,241 per unit and a capitalization rate of 6.55 percent based 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.