Investment sales broker Northeast Private Client Group has announced the sale of 3250 East Main Street, a 60-unit apartment building in the East Farms submarket of Waterbury, CT. Bradley Balletto, the firm’s regional manager for southern Connecticut, represented both the seller and the buyer in the $3,130,000 transaction, which closed on November 14.
“High occupancy and rent growth are driving strong demand, especially for multifamily properties,” notes Balletto. “In today’s still uncertain financial market conditions, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”
The seller, 3250 East Main LLC of Monsey, NY, purchased the property in 2004 as one of a series of Connecticut acquisitions at the time. The buyer, FNL Holdings LLC, based in New York, purchased the East Main Street property for a price that equates to $79/SF, which represents a capitalization rate of 8.5 per cent on the current year’s net operating income.
“Going into 2013, the investment sales cycle continues to accelerate and activity remains strong,” explains Edward Jordan, JD, CCIM, the firm’s managing director. “We presently have about two dozen deals under contract in southern New England. A robust rental market in many areas gives investors the confidence to move forward on acquisitions, and the increased competition for these assets is beneficial to our sellers as well.”
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. The firm specializes in representing owners of income producing properties, and supporting those who invest and sell property in the commercial and multifamily sectors across a region that stretches from New York to Boston. Jordan holds the Certified Commercial Investment Member (CCIM) designation and currently serves on the board of directors of the Connecticut chapter of CCIM.