BRIDGEPORT, CT - Investment sales broker Northeast Private Client Group has announced the sale of a 7-building, 25-unit apartment portfolio in Greenwich, CT. Edward Jordan, JD, CCIM the firm’s managing director, represented both the seller and the buyer in the $4,750,000 transaction, which closed on December 10th.
“Demand remains strong for mid-market apartment properties in lower Fairfield County” notes Jordan. “And Greenwich in particular, given its historically high occupancy, strong rents and its generally robust economic base, boasts an intrinsic value which many investors find desirable.”
The seller, a local Greenwich family, had acquired the various portfolio properties over a number of years. Greenwich Riverview LLC, a New York-based buyer, purchased the seven-building multifamily portfolio for a price that equates to $190,000 per unit, which represents a capitalization rate of approximately six per cent on the current year’s net operating income.
“We were able to identify and source this well-qualified buyer through our White Plains, NY office, which was instrumental in selling this prized asset at a highly competitive price,” explains Jordan. “Going into 2013, investment sales activity continues to build. Our ability to create multi-state competition for well-positioned assets will continue to benefit our clients in the New Year.”