Northeast seals deals totaling nearly $3M

The Shelton office of Northeast Private Client Group, an investment sales broker, recently announced the sale of two suburban multifamily properties in Greenwich and Cheshire.

Bradley Balletto, the firm”™s regional manager, and David Almeida, senior associate, represented the sellers and the buyers in the two transactions, which both closed in June.

The Greenwich property, at 307 Hamilton Ave., comprises five apartment units in two brick buildings. The seller was identified as a New York-based real estate investment fund and the buyer as a private investor based in New York. The property sold for $1.4 million, equating to $280,000 per unit.

“The demand for smaller suburban multifamily is particularly strong among private investors,” said Edward Jordan, Northeast”™s managing director, in a statement.

The Cheshire property, at 122 Country Club Road, comprises 16 two-bedroom apartment units and 10 garages. The seller was listed as a private investor based in Norwalk and the buyer as a private investor based in Shelton. The property sold for $1,475,000, a price that equates to more than $92,000 per unit.

“Importing capital from outside the immediate area drives higher pricing for sellers and benefits buyers as well,” Balletto said in a statement. “New York-based buyers enjoy higher returns in Fairfield County and Fairfield County buyers look for better yields in New Haven County.”

This article was updated July 22. It reflects the following changes: Northeast is unrelated to Guardian Life Insuarnce Co. and its office is in Shelton; the earlier version stated Bridgeport.