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News: Front Section
Posted: May 25, 2018
Cawley of United Multi Family brokers $2.8m sale; Shertick handles $970,000 sale
New London, CT United Multi Family (UMF) brokered the sale of a 27-unit mixed-use apartment building located at 13 Washington St. for $2.8 million ($103,704 per unit). Kurt Cawley of UMF handled the sale. The property was sold by Amber Huntington Associates LLC to Ifeanyi Menkiti with financing provided by the CBRE Capital Markets Stamford office.
The property consists of 24 loft-style apartments and three commercial spaces, which are leased by long-term tenants. The property was completely renovated in 2007 using tax credits. The property benefits from it’s high-traffic downtown location and proximity to major employers, including Electric Boat.
The CAP rate at the time of sale was 7.86% with a gross annual income of $397,000.
UMF also brokered the sale of an 18-unit apartment building at 660 Farmington Ave. in Hartford, for $970,000 ($53,889 per unit). Joe Shertick of UMF handled the sale.
The brick residences were built in 1920 and sold by Commodore Investments LLC to Champion Assets LLC in an all cash transaction. The property is located on the West Hartford line and consisted of all one-bedroom apartments.
The CAP rate at the time of sale was 6.67% with the property having a gross annual income of $162,840.
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