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New Haven Apartment Building Sells for $2.8 Million
-- Northeast Private Client Group Represents Buyer and Seller –
By: Northeast Private Client Group
“The success of this transaction is the direct result of our relationship approach to investment sales,” said Mr. Jordan. “With our regional brokerage platform, we were able to create tremendous competition for this asset among highly qualified buyers from Boston to New York.”
The Fountain Street property comprises 54 studio units and features ample off-street parking and on-site laundry facilities all within walking distance to Westville Village. The seller, Lighthouse Group of New Haven, purchased the property in 2005 and repositioned the property during its ownership to capture strong apartment demand from young professionals eager to live in the Westville area. The buyer, Netz USA LLC, purchased the Fountain Street property for a price that equates to nearly $52,000 per unit, which represents a capitalization rate of 7.9% on the current net operating income. The transaction was made contingent on the assumption of the existing FNMA mortgage by the buyer.
“High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,”
About Northeast Private Client Group
Founded in 2010 by Edward Jordan, Northeast Private Client Group supports real estate investors with offices in New York, Connecticut and Massachusetts. Northeast Private Client Group has been selected by CoStar Group, Inc., commercial real estate's leading provider of information and analytics, to receive the “Power Broker Award" for 2012 and 2013. The firm specializes in representing owners of income-producing properties and supporting those who invest and sell such properties across a region that stretches from New York to Boston. Mr. Jordan holds the Certified Commercial Investment Member (CCIM) designation and has served on the board of directors of CCIM. www.northeastpcg.com