Northeast Private Client Group Sells Dean Apartments for $4.1 Million

SHELTON, CONN., May 9, 2017 – Investment sales broker Northeast Private Client Group, with offices in New York, Connecticut and Massachusetts, has announced the sale of the Dean Apartments, a 40-unit apartment property located at 42 Dean Place in Bridgeport, Conn. Bradley Balletto, the firm’s regional manager, represented the seller exclusively and sourced the buyer in the $4,100,000 transaction, which closed on May 4th. Mallory Chila, licensed associate in the firm’s Connecticut office, assisted with the transaction.

“The Bridgeport multifamily market continues to deliver rent growth and asset appreciation,” 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.”

Built in 1987, Dean Apartments is comprised of 40 large one- and two-bedroom unit layouts with laundry, in a gated and secure elevator building, where tenants pay individually-metered utilities. The location offers tenants easy access to nearby shopping and healthcare, local colleges and employers, mass transportation and other amenities.

The seller, Navarino Capital Management, made extensive capital improvements and unit renovations during its ownership. The buyer, a NY-based private investor, purchased the property for a price that equates to more than $102,000 per unit, and a capitalization rate of 8.5%. The sale of Dean Apartments is just one of a number of recent sales by Northeast Private Client Group in the Bridgeport, Conn market. Highlights include the sale of 832 Atlantic Street, a 16-unit multifamily sold on April 4 for $1,250,000; and 335 Benham Ave, a 28-unit multifamily sold on January 12 for $1,900,000.

“We have a proven track record of matching our clients with qualified buyers for multifamily and commercial properties,” explained Edward Jordan, JD, CCIM, the firm’s managing director. “Our strong track record and relationship-based approach provide unmatched results for our clients.”

About Northeast Private Client Group

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.