Northeast Private Client Group Sells Luxury Multifamily Property in Granby, CT for $33.3 Million
– Leading mid-market investment sales firm represents seller and sources buyer for multifamily property. –
Shelton, CT (June 1, 2020) – Investment sales broker Northeast Private Client Group has announced the sale of The Grand at Ridgewood, located at 3 Murtha’s Way in Granby, Connecticut. Brad Balletto, VP of investments for the firm, along with senior associates, Rich Edwards and Jeff Wright, and junior associate, Bob Paterno, represented the seller and procured the buyer in the $33,300,000 transaction.
The Grand at Ridgewood is a 130-unit newly-constructed, fully amenitized, Class A luxury multifamily community. Danbury, Conn. based seller, Upstream Properties, sold the property to Fairfield, Conn. based investor, Granby LLC, for a price that equates to $256,153 per unit and a stabilized cap rate of 6.06 percent. The property was 55% occupied and in lease-up at the time of sale.
About Northeast Private Client Group
Northeast Private Client Group is a leading mid-market investment sales firm and has been named as one of the Inc5000 Fastest-Growing Private Companies in the US. With offices in New York, Connecticut, Rhode Island and Massachusetts, we provide unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to our individual clients’ needs. We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties in the submarkets we serve. Over the past ten years, our team has closed transactions with a total value over $1.5 billion.Our collaborative and research-driven solutions are tailored to meet the individual needs of investors and property owners across the Northeast who are looking to buy, sell or exchange mid-market properties, including mixed-use, multifamily, retail and office assets.
To learn more, visit: www.northeastpcg.com.