Three Waterbury Buildings Trade in Multiple Transactions
— Northeast Private Client Group Exclusively Represents Sellers –
SHELTON, Conn. (June 12, 2018) – Investment sales broker Northeast Private Client Group has announced the sale of three buildings located in Waterbury, Conn.
On May 31st, Northeast Private Client Group closed the sale of 15 State Street, a 12-unit multifamily building. The seller, a private based Connecticut company, sold the property to Connecticut-based Lerco Corporation for $545,000. This equates to a price of $45,416 per unit and a capitalization rate of 8.4 percent on the current net operating income. Taylor Perun, a senior associate, represented the seller and sourced the buyer.
On June 1st, Northeast Private Client Group closed the sale of 1030 Meriden Road and 209 Wolcott Street. Meriden Estates (1030 Meriden) is a 24-unit multifamily property while Valley View (209 Wolcott) boasts 29 units. Both were traded to a private Connecticut-based investor for $1,405,000 (Meriden Estates) and $1,895,000 (Valley View) as a portfolio sale. This equates to a price of $58,541 per unit for Meriden Road and $65,344 per unit for Wolcott Street. The seller, Ansonia Riverview Apartments, is a Connecticut-based property management firm. Brad Balletto, VP Investments, along with Rich Edwards and Jeff Wright, both investment associates in the firm’s Connecticut office, represented the seller and sourced the buyer in two simultaneous transactions totaling $3,300,000.
“The Waterbury submarket presents a rare opportunity in Connecticut for investors to acquire properties at prices that provide strong going-in cash-flow. This continues to drive demand for assets like Meriden Estates, Valley View, and 15 State Street, which traded at cap rates of 9.1 percent, 9.7 percent, and 8.4 percent respectively on the in-place net operating income (NOI),” said Balletto. “As always, we managed a highly competitive process to source the most qualified buyer at top market price and terms for our client.”
“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from New York to Boston.” Explained Jordan, the firm’s Managing Director. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
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.