Francis T. Zappone Co. brokers $530,000 sale of 16-unit apartment bldg.
Michael DiCarlo of the Francis T. Zappone Co. of Waterbury was the sole broker in the sale of 197 South Leonard St. The property sold for $530,000 and is located off Rte. 8 near the Rte. 8/I-84 interchange. The Francis T. Zappone Co. represented the foreclosing New York Bank. The property, a 12,480 s/f 16-unit brick apartment building contains 10 one-bedroom, three studio and 3 two-bedroom apartments spread over four floors.
At the time of foreclosure, the property was 45% vacant and in a state of disrepair, which challenge was undertaken by Michael DiCarlo. The property was repaired and 100% rented by the broker before selling it to an investor at a price which recovered the investment of the bank. The buyer and seller are both from New York.
Norwalk, CT Highcap Group has completed the sale of two luxury multifamily properties with a total of 120 units for a combined purchase price of $41.4 million.