Multiple New Haven properties sell for over $14 Million

Shelton, CT (November 14, 2019) – The Metro North sales team of investment sales broker Northeast Private Client Group has announced the sale of five New Haven properties in transactions totaling $14,225,000. Bradley Balletto, VP of Investments, and Rich Edwards and Jeff Wright, Investment Associates, represented the sellers and procured the buyers for all the transactions.

On October 16th, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer of 1476 Chapel Street in New Haven, CT. The 19-unit property consists of nine one-bedroom, four two-bedroom, four three-bedroom, and two four-bedroom apartments. Local seller, 1476 Chapel Apartments, LLC, sold the property to New Haven based Sherman Chapel Properties LLC for $1,750,000. This sale closed at a capitalization rate of 6.88 percent on the current net operating income of the property.

On October 11th, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer of 725 Whitney Avenue in New Haven, CT. The 26-unit property consists of twelve studio and fourteen one-bedroom apartments. A confidential seller sold the property to a local buyer, with interests in New Haven and Boston, for $3,150,000. This sale closed at a capitalization rate of 5.39 percent on the current net operating income of the property.

On October 11th, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer of 1495 Ella Grasso Boulevard in New Haven, CT. The 24-unit property is located in a tight-knit, active New Haven neighborhood. NavCapMan LLC sold the property to ABCD Properties LLC for $2,475,000. This sale closed at a capitalization rate of 7.42 percent on the current net operating income of the property.

On September 25th, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer of 90 Norton Street in New Haven, CT. NHR Properties sold the property to a New York City based investor for $2,900,000. This sale closed at a capitalization rate of 6.81 percent on the current net operating income of the property.

On September 13th, Bradley Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer of 70 Terrace Street in New Haven, CT. The 41-unit property consists eight one-bedroom lofts, 24 one-bedroom apartments, and nine two-bedroom apartments. A Waterbury based seller sold the property to a Fairfield County based buyer for $3,950,000. This sale closed at a capitalization rate of 6.55 percent on the current net operating income of the property.

“With a truly cosmopolitan feel, a walkable downtown area, an active cultural community and a lively nightlife and entertainment scene, New Haven offers something that maybe no other city in Connecticut can,” Balletto explains. “It’s consistent growth and the fact that it is home to Yale, an internationally renowned university, raises its profile, attracting not only local investors, but those across the region.

90 Norton Street and 1476 Chapel Street are both situated in close proximity to Yale New Haven Hospital’s St. Raphael’s Campus, which recently announced an $838 Million, 500,000 square foot Neuroscience Center expansion. These properties’ positions within a clear path of progress area attracted several competing offers in each of the two transactions. 1495 Ella Grasso Boulevard and 70 Terrace Street represented clear-value-add opportunities for their buyers. In both cases, the buyers plan to improve the overall condition and operation of each property and provide attractive rental options for New Haven’s dynamic tenant base.

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.