Northeast Private Client Group Sells Multifamily Property in Fairfield, CT for $2,675,000

Jeff Wright and Rich Edwards of the Metro North Investment Sales Team at Northeast Private Client Group broker $2,675,000 sale of The Castle Place Townhomes in Fairfield, CT.

 

–Leading mid-market investment sales firm represents the seller of the multi-family property in Fairfield, Connecticut–

 

Shelton, CT (February 18, 2021) – The Metro North Investment Sales Team of Northeast Private Client Group (NEPCG) has announced the sale of Castle Place Townhomes located at 241-251 Castle Avenue in Fairfield, Connecticut. Senior associates Jeff Wright and Rich Edwards represented the seller in the $2,675,000 transaction, equating to a $445,833 price per unit and a 5.4% cap rate.

 

Castle Place Townhomes consists of six (6) 1,856 SF units comprised of three-bedroom two and a half bathroom townhomes with individual driveways and two-car garages. Built in 2007, the townhomes all have granite countertops, hardwood flooring, gas fireplaces, finished basements, walk-in closets as well as other amenities. This property sits only 50 miles from New York City making it a prime location for commuters.

 

“This was an extremely competitive bidding process, with a several strong offers from both local and out of state investors. We attribute the competitiveness to the high demand for quality multi-family assets on the I-95 corridor, particularly in Fairfield County.  We had multiple non-contingent offers, and ultimately, the property was sold to a New Haven County investor in a 1031 exchange who was able to close in all cash within 30 days. Beginning in the summer of 2020, we have seen an increase in the demand for suburban multi-family properties.  Fairfield County has seen a sharp increase in population and interest from investors as people are choosing to leave major metropolitan centers during the Covid-19 pandemic.  Due to relatively low supply of multi-family properties for sale and continued low interest rates, we expect pricing to remain high for this type of asset through 2021.” -Jeff Wright, Senior Associate

 

Jeff Wright and Rich Edwards, Senior Associates at Northeast Private Client Group, work alongside Brad Balletto, Vice President of Investments; Bob Paterno, Investment Associate; and John Lockhart, Associate on the firm’s Metro North Investment Sales Team, one of the leading investment sales teams in the region.  Specializing in multi-family, mixed use and retail properties throughout Connecticut and suburban New York, the team closed $153,000,000 in sales in 2020 and has closed over $370,000,000 since 2018.

 

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.