Stratford, CT Investment sales broker Northeast Private Client Group (NPCG) has completed the sale of Sherwood and Shakespeare Apartments located at 490 and 498 Sherwood Place and Avon Apartments located at 1126 Stratford Ave. The properties combined total 128 apartments. Brad Balletto, NPCG’s vice president of investments, represented the seller and procured the buyer in the $14.19 million sale.
“This was one of those challenging deals that required a significant time investment and disciplined management of each part of the transaction,” Balletto said. “To execute on the seller’s terms, it was necessary to have not only the right buyer, but the right lender and equity as well as a strong understanding of the property.”
Prior to hiring NPCG, the seller had received interest from brokers representing buyers at below-market values. NPCG’s commitment to seller-representation, and deep relationships among active investors, allowed them to develop a highly competitive offer from a qualified buyer who signed a non-contingent contract within days. The firm’s long-standing relationship with the seller and buyer, and the ability to advocate on behalf of the property, market, and opportunity, were all integral to executing a transaction to the satisfaction and benefit of both parties.
The seller, Stratcon Properties LLC, sold the property to a private Bridgeport-based investor for a price that equates to $110,859 per unit, and a capitalization rate of 5.85% based on current net operating income. The property is comprised of three adjacent buildings located close to I-95, and within walking distance to the Stratford Metro North Station, downtown, American Shakespeare state park, and restaurants located along the Housatonic River.