News: Connecticut
Posted: May 17, 2024
Northeast Private Client Group brokers multifamily investment prop. sale - $3.5m
Norwalk, CT Northeast Private Client Group (NEPCG) has arranged the sale of 18 Fairfield Ave., a multifamily investment property, for $3.5 million.
Senior associates Jeff Wright and Rich Edwards and associate Derek Mahabir represented the seller and procured the buyer.
The property is located in the South Norwalk neighborhood. The property has been maintained by the seller for over 15 years and has undergone major capital projects, including a new roof and new windows.
“This was an incredibly competitive process. We had 20 qualified offers and ultimately went to contract above initial pricing expectations in a cash transaction. Value-add multifamily demand throughout Fairfield County remains very strong,” said Wright.
MORE FROM Connecticut
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary