–Leading investment sales firm represents the seller and procures buyer in the transaction in Norwalk, Connecticut–
Shelton, CT (April 18, 2023)- Northeast Private Client Group® (NEPCG) has announced the sale of Churchill Street Apartments in Fairfield, CT, and 5 West Main in Norwalk, CT.
Senior Associates Rich Edwards and Jeff Wright, alongside Associate Patrick Hegarty, presented the seller and procured the buyer for Churchill Street Apartments and 5 West Main.
Churchill Street Apartments is a (3) three-unit multifamily property located at 109 Churchill Street in Fairfield, CT, that sold for $815,000. The property is comprised of two (2) three-bedroom apartments and one (1) two-bedroom apartment. 109 Churchill is ideally located for college student renters, as it is less than a 5-minute drive from Fairfield University and is also 1 mile from downtown Fairfield’s restaurants, entertainment, and nightlife. This location has effortless access to multiple transit options via Metro-North Railroad, I-95, the Merritt Parkway, Route 8, and Route 1. 109 Churchill is just a 70-minute ride from Grand Central Station via Metro-North.
5 West Main is a (4) four-unit multifamily property in Norwalk, CT, which sold for $860,000. The property is comprised of one (1) three-bedroom apartment, one (1) two-bedroom apartment, and two (2) one-bedroom apartments. One unit has been renovated and is achieving a higher rent. The remaining to-be-renovated units provide the new owner with a sizable upside opportunity and proof of concept regarding achievable rent premiums. Located in one of Connecticut’s best rental markets, the property gives tenants effortless access to multiple transit options via Metro-North Train Stations, I-95, the Merritt Parkway, Route 7, and Route 1. 5 West Main is just a 60-minute ride from Grand Central Station via Metro-North. Norwalk has seen Connecticut’s highest rent increase from September 2020 to September 2021 (Source: Norwalk Hour). With its 6.8% population growth and increased rents Norwalk an ideal real estate investment location.
“These properties were offered for sale by the same entity on an individual basis and were sold together as a portfolio to one buyer. Given the lower Fairfield County locations, upside potential, and smaller deal size, this was a very competitive process with multiple bids. Despite the sharp rise in interest rates, lower Fairfield County multifamily continues to prove to be desirable and in high demand.”– Rich Edwards, Senior Associate
Northeast Private Client Group® specializes in mid-market mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.
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