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September 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Three multifamily Norwalk properties sell for $4.3M

75 South Main St. in Norwalk. Photo courtesy of LoopNet.

Northeast Private Client Group, a Shelton-based investment sales broker, has announced the sale of three multifamily properties located in Norwalk in separate transactions for a total sum of $4.3 million.

The transactions include the sale of 75 South Main St., a six-unit property sold for $1.2 million by Sono Court LLC of Norwalk to a private New York-based investor; 33 Seaview Ave., a six-unit multifamily property sold for $1.1 million by Fairfield Opportunity Investors LP to Aspetuck Partners LLC; and 77 Winfield St., an 11-unit property sold for $1.9 million by KMRK Investments LLC to Property 25 NR LLC.

“The Norwalk submarket commands strong interest from a regional group of investors,” said Brad Balletto, vice president of investments at Northeast Private Client Group. “Buyers from the entire New York Metro and throughout Connecticut recognize Norwalk as a buy opportunity. These sales demonstrate the tremendous demand for well-located Class-B and Class-C multifamily assets with easy access to transit, relative affordability when compared to Stamford or Westchester, attractive going in cashflow, and the opportunity to add value through physical and operational improvements.”