Northeast Private Client Group Sells $29 million in Multiple Transactions

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Mid-Market Investment Sales Remain Strong in Spring 2016

Investment sales broker Northeast Private Client Group has announced multiple closed transactions totaling $29 million over the past two months. Edward Jordan, JD, CCIM, the firm’s managing director, and Bradley Balletto, regional manager, led the their tri-state team in representing sellers and sourcing buyers for these exclusively listed assignments. “The success of these transactions is the direct result of our relationship approach to investment sales,” said Edward Jordan, JD, CCIM. “Leveraging our multi-state platform we were able to source the most qualified buyers and create a highly competitive market for each of these assets.”

Closed transactions during the 60-day period include:

144 Oakwood Ave, West Hartford, CT; 19-unit multifamily traded for $1,662,500; a 6.0% cap on current NOI; closed June 21;

99 Grove St, Groton, CT; 60-unit multifamily traded for $4,850,000; a 7.3% cap on current NOI; closed June 17;

825 Elm St, New Haven, CT; 43-unit multifamily traded for $3,870,000; a 4.2% cap on current NOI; closed June 15;

131 Brook St, Hartford, CT; 85-unit multifamily traded for $3,500,000; a 11.3% cap on current NOI; closed June 15;

942 State St, New Haven, CT; 4200 square foot mixed-use traded for $450,000; a 6.2% cap on current NOI; closed June 15;

6040 Huxley Ave, Bronx, NY; 6-unit multifamily traded for $940,000; a 5.1% cap on current NOI; closed June 9;

357 E 193 St, Bronx, NY; 11-unit multifamily traded for $1,836,000; a 4.8% cap on current NOI; closed June 3;

28-34 Center St, Stafford Springs, CT; 20-unit multifamily traded for $1,060,000; a 9.0% cap on current NOI; closed May 31;

286 South Elm & 24 Parsons, Wallingford, CT; 37-unit multifamily portfolio traded for $3,500,000; a 7.2% cap on current NOI; closed May 31;

5 Wood Drive, Norwich CT; 38-unit multifamily traded for $1,950,000; a 9.6% cap on current NOI; closed May 26;

123 & 131 Green St, New Britain, CT; 19-unit multifamily portfolio traded for $1,300,000; a 7.1% cap on current NOI; closed May 18;

35 S Main St, Millbury, MA; 9-unit multifamily traded for $615,000; a 8.7    % cap on current NOI; closed May 17;

110 School St, Yonkers, NY; 11-unit multifamily traded for $1,000,000; a 8.5% cap on current NOI; closed May 16;

1776 Valentine Ave, Bronx, NY; 7-unit multifamily traded for $815,000; a 5.1% cap on current NOI; closed May 12;

90 Glenvue Dr, Carmel, NY; 8-unit multifamily traded for $900,000; a 7.8% cap on current NOI; closed May 9;

10-14 Florida Rd, Maynard, MA; 12-unit multifamily traded for $425,000; a 11.2% cap on current NOI; closed May 6;

“Multifamily and mixed-use assets continue to trade at record pricing based on strong occupancy and rent growth”, said the firm’s regional manager Bradley Balletto. “Our multi-state brokerage platform delivers successful transactions to sellers and buyers alike.”

Demand and underlying fundamentals for Class B and Class C multifamily assets remains particularly strong. Aggressive values for real estate investing in New York City’s five boroughs and Greater Boston is driving investors into secondary submarkets in Westchester and the Lower Hudson Valley, Connecticut and Western and Central Massachusetts. Properties in these markets are more often priced to add value and create the conditions to maximize returns.

About Northeast Private Client Group

Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to clients’ needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are 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: http://www.northeastpcg.com.

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Elyssa Millspaugh
Co-Communications, Inc.
+1 860-676-4400
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