A Long Island buyer recently paid $19.1 million for a roughly six-year-old, 64-unit apartment building in Wethersfield.
In a deed recorded March 2, a Brooklyn, New York-based limited liability company controlled by Avrohom Becker sold the 66,601-square-foot, three-story apartment building on 5.3 acres at 275 Ridge Road to an LLC affiliated with the Northwind Group LLC, a Long Island-based multifamily developer and investor headed by Demetrius A. Tsunis.
Avrohom Becker’s company paid $18.2 million for the “Ridge275” property in 2022, according to town records.
At $298,438 per unit, the sale is one of the highest per-unit values recorded in the suburban Hartford market in recent years, according to Avison Young.
The deal shows the continuing strength of the suburban Hartford and central Connecticut multifamily market, said Will Suarez, an Avison Young principal who represented the seller and procured the buyer. The deal was the first major Connecticut purchase by Tsunis, Suarez said.
Suarez said he expects another banner year for multifamily sales in Connecticut, which have been generally trending upward for the past 15 years.
“I’m very focused on multifamily this year because I see the trend line,” Suarez said.
