Northeast Private Client Group Sells Apartment Portfolio for $5.2 Million

SHELTON, CONN., June 28, 2017 – Investment sales broker Northeast Private Client Group, with offices in New York, Connecticut and Massachusetts, has announced the sale of a three-building, 91-unit apartment portfolio located at Ashford and Mansfield, Conn. Bradley Balletto, the firm’s regional manager, and Edward Jordan, the firm’s managing director, represented the seller and sourced the buyer in the $5,200,000 transaction, which closed on June 13.

“The I84 East/UConn submarket 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.”

The Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, comprises 24 multifamily units and a single-family dwelling situated on 2.5 acres. The Woodlawn Apartments, located at 80 Bicknell Road in Ashford, comprises 34 multifamily units situated on 11 acres. The Wood’s Edge Apartments, located at 264 Mount Hope Road in Mansfield Center, comprises 32 units situated on 10.7 acres. All three properties offer tenants easy access to the UConn Storrs campus, as well as nearby shopping and healthcare, mass transportation and other amenities.

The seller, Harvest Properties a regional multifamily investor, sold the property to Connecticut-based Axela Group at a price that equates to more than $57,000 per unit, and a capitalization rate of 7.7%. The sale of the Harvest portfolio is just one of a number of recent sales by Northeast Private Client Group in the Connecticut market. Highlights include the sale of 42 Dean Place, Bridgeport, Conn. on May 4 for $4,100,000; 101 Orange Street, New Haven, Conn. on May 10 for $2,131,500; 15 Main Street, Old Saybrook, Conn. on May 15 for $2,200,000; 40 Taylor Avenue, Norwalk, Conn. on May 31 for $860,000; 1533 Chapel Street, New Haven on June 13 for $1,856,000; and 241 Quinnipiac Avenue, New Haven on June 23 for $3,135,000.

“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 relationship-based approach to building owners, whether or not a transaction is imminent, is what distinguishes us within the regional brokerage community.”

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 for a second consecutive year. 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.