Four area apartment complexes changed hands recently, with investors hoping to cash in on recent demand for rental properties.
The Shelton-based Northeast Private Client Group was involved in all four deals.
Millstone Apartments, a complex at 385 Putnam Ave., Hamden, sold for slightly more than $4 million. Amit Lakhotia bought the property from Natale Management Enterprises.
Brad Balletto, vice president of investments with NPCG, said that demand for affordable housing has been “as high as ever.”
“Millstone Apartments represented a unique opportunity to acquire a newer construction multifamily product,” Balletto said.
In another deal, North Harbor Townhomes, at 11 North Harbor St., Branford, sold for $2.4 million. The complex has 12 units in six buildings. DeLaurentis Management Corp bought the property from Navarino Capital.
North Harbor Townhomes at 11 North Harbor St., Branford
NPCG Senior Associate Jeff Wright said the Branford transaction “speaks to the increased demand for suburban multifamily properties.”
“This demand is driven by the rent growth in areas outside of New York City and the lack of rent stabilization laws in Connecticut,” Wright said, in an announcement. “This portfolio has tremendous potential, and the buyer will be able to significantly increase the rent roll with modest unit renovations.”
Also, Barnum Avenue Apartments sold for $2.6 million. It is a 24-unit complex, including five studio and 19 one-bedroom apartments at 215 Barnum Ave., Bridgeport. Structure NYC bought the Barnum complex from CT Realty Trust, according to NPCG.
Meanwhile, Woodland Place Apartments, at 30 and 31 Woodland Place, Stamford, sold for $1.8 million. The two-building complex is in Harbor Point, a redevelopment district in Stamford’s south end. Zach Silver bought the Stamford property from Lake Hill Investment Group. According to NPCG, demand continues to outweigh supply in the region’s multifamily market.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
