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Bristol, CT Apartment Portfolio Sells for $3.75 Million
-- Northeast Private Client Group Represents Buyer and Seller –
“The success of this transaction is the direct result of our relationship approach to investment sales,” said Balletto. “With our extensive experience in the Connecticut market, we were able to match two of our long-term clients in a deal that accomplished important objectives for both of them.”
The Hawthorne Street property comprises 32 apartment units in a quiet residential location, while the Pine Street property comprises 24 apartment units in a similar area. Both properties are elevator buildings with ample off-street parking and tenant-paid utilities.
The seller, Pine Bristol LLC & Hawthorne Bristol LLC of Lenox, MA, was a long-time owner capitalizing on the current strength of the multifamily investment sales market. The buyer, MPT Partners LLC of Torrington, CT, purchased the two-building portfolio as an IRS 1031-exchange strategy for a price that equates to nearly $67,000 per unit, which represents a capitalization rate of 7.4% on the current net operating income.
“Once again, successful transactions start with relationships,”
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. http://www.northeastpcg.com