Four New Haven Buildings Sell for $4.3M in Multiple Transactions

SHELTON, CT (Feb 23, 2018) – Investment sales broker Northeast Private Client Group has announced the sale of four buildings located in New Haven, CT. Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, its regional manager, Rich Edwards, an investment associate and Jeff Wright, a licensed associate in the firm’s Connecticut office, represented the sellers and sourced the buyers in multiple transactions totaling $4,315,000. All of these transactions closed within the past 30 days.

“The success of these transactions is the direct result of our relationship-based approach to investment sales,” said Jordan. “Leveraging our multi-state platform enabled us to source the most qualified buyers for each of these assets.”

On February 6th, Northeast Private Client Group closed the sale of 127-129 Howe Street, an 8-unit multifamily property. The seller, PK&R LLC of Connecticut, sold the property to a Fairfield, Conn. buyer for $1,050,000. This price equates to a price of $122,500 per unit and a capitalization rate of 4.3-percent on the current net operating income.

On February 12th, Northeast Private Client Group closed the sale of Grand Avenue Apartments in New Haven. This 12-unit multifamily property traded for $1,025,000 to a Norwalk, Conn. buyer. This price equates to a price of $85,526 per unit. The seller, Navarino Capital, is a southern New England multifamily and commercial investor based in Bridgeport, Conn.

Northeast Private Client Group also closed the sale of 456 Lombard Street, a 16-unit multifamily property near the corner of Lombard Street and Fillmore Street in New Haven on February 12th. The seller, NHR Properties of New Haven, Conn., transferred the property to a Norwalk, Conn. buyer for $1,360,000. This price equates to a price of $85,000 per unit and a capitalization rate of 8.2-percent on the current net operating income.

Lastly, on February 16th, Northeast Private Client Group closed the sale of 6-unit multifamily property on 36-38 Lyon Street in New Haven. The seller, of San Francisco, CA, transferred the property to White Plains-based The Kempner Corp for $950,000. This price equates to a price of over $158,000 per unit and a capitalization rate of 9.2-percent on the current net operating income.

“New Haven multifamily and mixed-use assets are trading on strong occupancy and rent growth,” said Balletto. “Our multi-state brokerage platform benefits sellers and buyers alike and results in successful transactions for all parties.”

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.