News: Connecticut
Posted: September 2, 2009
Witten and Balletto of Marcus & Millichap broker $2.7m sale of 20-unit apt. complex
Marcus & Millichap has brokered the sale of 6-8 Hyatt Ave., a 20 unit apartment complex. The sale price was $2.7 million. Gary Witten and Bradley Balletto of Marcus & Millichap's New Haven office were the sole brokers in the transaction. The 6-8 Hyatt Ave. complex contains 17 one-bedroom units and 3 two-bedroom units in three buildings. The property is located on Norwalk's West Side, just north of Connecticut Ave., in close proximity to Norwalk Hospital in a quiet residential neighborhood of single family homes with some small multifamily properties. The units are separately metered, spacious and had recently been renovated. 6-8 Hyatt Ave. offers ample parking, a full basement and on-site laundry.
The sale of 6-8 Hyatt Ave. demonstrates that there continues to be demand for quality multifamily investments in strong locations, particularly throughout Fairfield County.
The seller, 6-8 Hyatt Avenue Associates LLC, was represented by Paul Taylor of Princeton, N.J., and the buyer, Fairfield Opportunity Investors LLC, was represented by Raymond Rizio of Fairfield.
MORE FROM Connecticut
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Ask the Electrician: How do I prepare my commercial building for a disaster?
New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
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