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October 14, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stratford apartment complex sells for nearly $14.2 million

Investment sales broker Northeast Private Client Group has sold a portfolio consisting of 128 apartments in Stratford for $14.19 million.

The properties – three adjacent buildings — are the Sherwood and Shakespeare Apartments at 490 and 498 Sherwood Place and Avon Apartments at 1126 Stratford Ave.

“This was one of those challenging deals that required a significant time investment and disciplined management of each part of the transaction,” said Northeast Private Client Vice President of Investments Brad Balletto, who represented seller Stratcon Properties LLC and procured the buyer, a private Bridgeport-based investor.

“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,” Balletto said.

Stratcon’s sale comes out to $110,859 per unit, with a capitalization rate of 5.85 percent based on current net operating income.