Northeast Private Client Group® Sells $9,350,000 in Multi-Family Real Estate

–Leading mid-market investment sales firm represents the seller and procures buyer in three separate transactions in Fairfield County, Connecticut–

 

Shelton, CT (July 9, 2021)– Northeast Private Client Group’s ® (NEPCG) Metro-North Investment Sales Team has announced the sale of three multi-family properties in Connecticut: Atlantic Street Apartments in Bridgeport, a portfolio of 14 units in three locations in Greenwich, and Fairfield Avenue Apartments in Norwalk. VP of Investments, Bradley Balletto, Senior Associates Jeff Wright and Rich Edwards, Investment Associate Robert Paterno, and Associate John Lockhart represented the seller and procured the buyer in all three transactions.

 

 

Atlantic Street Apartments, a 16-unit apartment building located in Bridgeport, Connecticut sold for $1,900,000 which equates to a price of $118,750 per unit. Atlantic Street Apartments is a waterfront property built in 1983.

 

 

 

A 14-unit multi-family portfolio located in Greenwich, Connecticut sold for $3,575,000. This equates to a price of $255,357 per unit. This portfolio consists of three properties: two located on North Water Street, and a third located on Beech Street.

 

 

Fairfield Avenue Apartments, a 21-unit multi-family property located in Norwalk, Connecticut sold for $3,875,000. This equates to a price per unit of $184,523. This property is within immediate proximity to South Norwalk and its entertainment, dining, shopping, and transit amenities.

 

 

 

“All three of these transactions involved value-add multifamily in Fairfield County, with tremendous demographics and strong renter demand and occupancy.  All three also traded at prices that will provide cash flow to the new owners from day one with conventional debt. There are not a lot of places that you are able to find that combination right now. These transactions are all representative of what I believe to be an opportunity in Connecticut at the moment for real estate investors, particularly relative to many other parts of the country.”
-Brad Balletto, VP of Investments

 

Northeast Private Client Group® specializes in assisting investors, owners, and syndicators of mid-market multi-family real estate properties between $1M – $50M in the Northeast and Southeast regions. We represent sellers exclusively with their best interests in mind. We establish a trusted relationship by providing knowledge and guidance to help our clients achieve their individual goals for maximizing value and return on the sale of their real estate investment. Our 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.