Three Norwalk Buildings Trade in Multiple Transactions
— Northeast Private Client Group Exclusively Represents Sellers –
SHELTON, Conn. (July 19, 2018) – Investment sales broker Northeast Private Client Group has announced the sale of three buildings located in Norwalk, Conn. Brad Balletto, VP Investments, Rich Edwards, investment associate and Jeff Wright, investment associate in the firm’s Connecticut office, represented the sellers and sourced the buyers in multiple transactions totaling $4.3 million.
“The Norwalk submarket continues to deliver rent growth and asset appreciation,” said Edwards. “As always, we managed a highly competitive process to source the most qualified buyer at top market price and terms for our client. Our relationship-based approach to working with building owners, whether or not a transaction is imminent, is what distinguishes us within the brokerage community.”
On May 11, Northeast Private Client Group closed the sale of 75 South Main Street, a 6-unit multifamily property. The seller, Sono Court LLC of Norwalk, Conn., sold the property to a private New York-based investor for $1,225,000. This equates to a price of $204,166 per unit and a capitalization rate of 7.2 percent on the current net operating income.
On May 30th, Northeast Private Client Group closed the sale of 33 Seaview Avenue in Norwalk. This 6-unit multifamily property traded for $1,160,350 to Aspetuck Partners LLC. This equates to a price of $193,391 per unit and a capitalization rate of 6.7 percent on the current net operating income. The seller, Fairfield Opportunity Investors LP, is a Fairfield-based multifamily investor.
On July 12th, Northeast Private Client Group also closed the sale of 77 Winfield Street. This 11-unit multifamily property traded for its full asking price of $1,950,000 to Property 25 NR LLC. This equates to a price of $177,273 per unit and a capitalization rate of 6.0 percent on the current net operating income. The seller, KMRK Investments LLC, is a Norwalk-based company.
“The Norwalk submarket commands strong interest from a regional group of investors. Buyers from the entire New York Metro and throughout Connecticut recognize Norwalk as a buy-opportunity,” explained Balletto. “These sales demonstrate the tremendous demand for well-located Class-B and Class-C multifamily assets with easy access to transit, relative affordability when compared to Stamford or Westchester, attractive going in cash-flow, and the opportunity to add value through physical and operational improvements.”
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are 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, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.