Townhouse Court Apartments, 1241 Granby Road - Chicopee, MAChicopee, MA Investment sales broker Northeast Private Client Group has completed the sale of Townhouse Court Apartments, an 82-unit multifamily property located at 1241 Granby Rd. Edward Jordan, JD, CCIM, the firm’s managing director, Bradley Balletto, regional manager, and David Almeida, senior associate, represented the seller and sourced the buyer in the $5.63 million transaction, which closed on October 29.
“Our experienced team is at the forefront of sourcing and transacting mid-market investment opportunities between Boston and New York,” said Jordan. “We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties.”
Townhouse Court Apartments comprises 80 apartment units and two commercial units, situated off Granby Rd. in a secluded townhouse setting. The property is located minutes from I-90 (Mass Pike) and the I-91/391 corridor. The seller, Harvest Apartments, is a Connecticut-based national multifamily operator. The buyer, Chestnut Realty Management of Springfield, Mass., purchased the property for a price that equates to nearly $69,000 per unit and a capitalization rate of 7.4% on the current net operating income.
“The success of these transactions is the direct result of our relationship approach to investment sales,” said Balletto. “With our regional brokerage platform, we were able to create tremendous competition for this asset among highly qualified buyers.”
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 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 and property owners 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 the CoStar Power Broker designation year after year.