Neighbor News
Cheshire Apartment Building sells for $1.9 Million
Leading mid-market investment sales firm reps seller and sources buyer for apartment building
SHELTON, Conn. (June 12, 2018) – Investment sales broker Northeast Private Client Group has announced the sale of Regency Court Apartments located at 19 Stony Hill Road and 50 Country Club Road in Cheshire, Conn. Edward Jordan, JD, CCIM, the firm’s managing director and Taylor Perun, senior associate in the firm’s Connecticut office, represented the seller and procured the buyer in the $1,980,000 transaction, which closed on May 31st.
“We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties,” said Perun. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identify the successful buyer for the asset.”
The seller, Regency Court LLC is based in Cheshire, Conn. The buyer, a private Connecticut-based investor, purchased the property for a price that equates to $90,000 per unit, and a capitalization rate of 7.7 percent based on current net operating income. The property consists of 22 apartment units and 10 garage bays which provide additional income.
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“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
About Northeast Private Client Group
Find out what's happening in Cheshirefor free with the latest updates from Patch.
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.
