Embassy Apartments
$5,200,000 Sale
102-116 Dwight Street, New Haven, CT · 32 Units · Historic Core Multifamily
A landmark historic property in one of New Haven’s most coveted submarkets. A marketing process that drew 31 tours and 16 offers, and a sale that accurately portrayed the rent upside in a supply-constrained market.
Lead Brokers
Brad Balletto
Managing Director, Investments
Jeff Wright
Vice President, Investments
The Challenge
Embassy Apartments is a 32-unit, 1917 Italianate courtyard building in the Dwight Street Historic District, with a central boiler, historic designation, and rents running meaningfully below market. The challenge was a pricing and marketing one: in-place income alone would have undervalued the asset. Selling it at a price that reflected its real potential meant accurately conveying the rent upside and the scarcity of comparable buildings in the Yale corridor to a deep field of qualified buyers.
Our Approach
We underwrote current rents against a pro forma showing $1,834/unit in average potential, then built the marketing around it. The campaign positioned Embassy Apartments as a rare, supply-constrained Yale-corridor asset with a clear renovation and rent-normalization path, running across LoopNet, CoStar, and Crexi alongside direct outreach to qualified multifamily buyers. The full team supported every stage, from professional photography and offering memorandum production to tour management and transaction coordination.
The Result
The process produced 31 tours and 16 offers, and Embassy Apartments sold for $5,200,000. Buyers were confident in the path to below-market rent normalization from a current $1,605 average toward a $1,834 pro forma, unit and common area renovations, and the potential to bring one offline lower-level unit back online as a revenue-generating apartment.
By The Numbers
A rare asset, marketed to a deep buyer pool. 31 tours, 16 offers, and a competitive sale.
Sale Price
32-Unit Historic Asset
Price Per Unit
Historic Core Multifamily
Tours Conducted
Qualified Investor Groups
Offers Received
Competitive Field
The Pricing
A Competitive Price, Backed by Real Upside
Value-Add Opportunity
Clear Upside for the Buyer
Buyer Demand · Tours & Offers
Full CampaignEmbassy Apartments generated exceptional interest across the regional investor community. What followed was one of the most competitive offer processes we have run on a New Haven multifamily asset.
31
Investor Groups Toured
16
Initial Offers Received
10
Best & Final Offers
3+
States Represented
Deep Local Competition
The buyer pool included established owners with deep roots in the New Haven submarket, bringing firsthand knowledge of the neighborhood’s long-term trajectory and the scarcity of assets like Embassy.
Regional & Out-of-State Interest
Qualified investors traveled from New York, New Jersey, and beyond to tour the property, a reflection of how rarely an asset of this scale, history, and location comes to market in the Yale corridor.
A Two-Round Process
Initial offers were followed by a structured best-and-final round, creating the competitive pressure that supported a strong price, with clean terms and a defined path to close.
Marketing Reach
Embassy Apartments was marketed across LoopNet, CoStar, and Crexi, generating broad exposure to qualified investors throughout the campaign.
LoopNet · CoStar · Crexi
Full Campaign37,888
Impressions
2,007
Total Page Views
312
Unique Visitors
733
Detail Page Views
1,274
Listing Page Views
Nearly 38,000 impressions across Crexi, LoopNet, and CoStar. 62 investors opened the full offering memorandum. 31 property tours conducted. Buyer interest spanned Connecticut, New York, and beyond.
The Transaction Story
From first conversation to closing day, the complete story of how Embassy Apartments found its next owner.
A 50-Year Legacy. A Rare Opportunity.
The Property: Embassy Apartments is a striking 1917 Italianate brick courtyard building in the Dwight Street Historic District of New Haven, CT. With 32 units, an arcade entrance framing a central courtyard with a working fountain, and a location directly on the Yale University shuttle line, it is one of the most architecturally and locationally significant multifamily assets in the city.
The Owner: The same family had owned Embassy Apartments for over 50 years. Properties of this character in this neighborhood are rarely available, often passing between generations without ever reaching the open market. The decision to sell was not made lightly, and the seller needed an advisory team they could trust completely.
The Assignment: Northeast Private Client Group was engaged to bring Embassy Apartments to market in late summer of 2025, the result of a long-standing relationship with ownership. The mandate was to achieve a price that reflected the building’s scarcity and below-market rent upside, not just its in-place income.
Underwriting a One-of-a-Kind Asset
The Complexity: Valuing Embassy Apartments required more than a standard comp analysis. The property’s historic designation, unique courtyard architecture, legacy ownership structure, and below-market rents all had to be factored into a pricing recommendation that was both credible to the seller and compelling to buyers. Brad and Jeff conducted a rigorous underwriting of the property, building a full financial model grounded in current rent data, operating expenses, submarket vacancy, and sales comparables from the immediate Dwight Street corridor.
The Finding: The analysis confirmed two things. First, that Embassy Apartments commanded a premium position in the New Haven market given its location on the Yale Gold Shuttle Line, its Italianate courtyard architecture within the 135-acre Dwight Street Historic District, and its Yale-adjacent tenant demand from students, faculty, and medical professionals. Second, that rents were running meaningfully below market a current average of $1,605/unit against a documented pro forma of $1,834/unit creating a compelling value-add story grounded in real rent comp data. The property was priced at $5,000,000, supported by a detailed offering memorandum that presented both the current $341,461 NOI and the $437,422 pro forma opportunity.
Marketing a Legacy Asset to the Right Audience
The Campaign: Northeast Private Client Group’s marketing team moved quickly to produce a full offering memorandum worthy of the property. Professional photography captured the Italianate architecture, the central courtyard, and the building’s distinctive character. The OM was distributed across all major commercial platforms including LoopNet and CoStar, while Brad and Jeff personally reached out to a curated list of buyers with demonstrated interest in core New Haven multifamily assets.
The Positioning: The marketing narrative led with the property’s irreplaceable qualities: its location on the Yale University Gold Shuttle Line within the Dwight Street Historic District, its striking Italianate architecture featuring an arched arcade and central courtyard with a working fountain, 50 years of meticulous family stewardship, and the clear value-add path available through unit renovations, common area upgrades, and rent normalization. Buyers understood they were not acquiring a commodity they were acquiring a landmark with a vacancy rate backdrop of just 5.4% and zero new supply on the horizon in the submarket.
The Screening: Every prospective buyer was pre-qualified before being invited to tour. The goal was not volume. It was quality, ensuring that every group that walked through the property was capable of closing at the price the seller deserved.
Building a Competitive Buyer Field
The Team Effort: As with every Northeast Private Client Group transaction, tours were not handled by a single agent working alone. The firm deployed multiple team members to ensure every prospective buyer received thorough, attentive representation throughout their visit. Showing a property of this scale and complexity requires people who can answer detailed questions about the building’s systems, history, and financial performance on the spot, and Northeast Private Client Group’s team was prepared to do exactly that.
The Experience: Walking through Embassy Apartments is unlike touring most multifamily assets. The arched arcade entrance, the central courtyard with its working fountain, the original hardwood floors, and the scale of the building all made a strong impression. The firm leaned into that experience, allowing buyers to understand what they were acquiring before diving into the financials.
The Pipeline: The structured outreach and tour process generated a qualified field of serious buyers, each of whom had been screened for financial capability and genuine interest in a core New Haven asset of this type. The foundation was set for a competitive offer process.
A Competitive Field. Selecting the Right Partner.
Creating Competition: Brad actively managed the buyer pool through the offer process, keeping all parties engaged and ensuring that the competitive environment translated into the strongest possible terms for the seller. The process was designed not just to generate offers, but to push buyers to their best position on both price and terms.
The Outcome: The field produced 16 offers and resolved to an accepted price of $5,200,000 that reflected the buyer’s confidence in the rent upside. Brad and Jeff presented the seller with a full offer analysis, walking through each bid on price, deposit strength, timeline, and closing certainty. For a family that had held this building for over 50 years, choosing the right buyer was as important as achieving the right price.
The Selection: The selected buyer understood the asset, had the financial capacity to close cleanly, and came in with the strongest overall terms in the field. Both the seller and buyer entered the transaction with aligned expectations and a shared confidence in the outcome.
Keeping a Complex Transaction on Track
Managing the Detail: A 1917 building with 32 units, a central boiler system, a historic designation, and a below-market rent structure generates a significant volume of due diligence material. Brad and Jeff took ownership of the entire process, organizing and responding to buyer information requests, reviewing documentation, and keeping all moving parts on track. Their deep familiarity with the asset from the valuation phase meant they could respond to buyer questions quickly and accurately, reducing friction and keeping the timeline on schedule.
Transaction Coordination: Northeast Private Client Group’s dedicated transaction coordinator served as the central communication hub throughout the process, keeping the seller, buyer, their respective attorneys, and all other parties aligned and informed at every stage. Clear, consistent communication is what prevents deals from going sideways in the final stretch, and it is a function the firm takes seriously on every transaction.
The Process: Due diligence concluded on schedule and the transaction moved cleanly toward closing. No surprises, no extensions, no gaps.
A Legacy Transferred. Every Party Satisfied.
The Close: Embassy Apartments closed in April 2026, exactly as projected. Brad, Jeff, and the broader Northeast Private Client Group team guided all parties including the seller’s family, the buyer, and their respective attorneys through the final steps of the transaction, ensuring clear communication and a smooth process from the morning’s preparation to the final signatures.
Every Party, Happy: A sale of this nature carries weight beyond the transaction itself. For a family that had owned this building for over 50 years, closing day was the culmination of a significant decision made with careful deliberation. The seller received $5,200,000, a price above their expectations, through a process that honored the significance of what they were selling. The buyer acquired one of New Haven’s most distinctive multifamily assets with a clear and well-documented path to value creation. Both sides walked away with a result they were proud of.
The Result: 32 units. 24,478 SF. 31 tours, 16 offers, and a competitive sale. That is the standard Northeast Private Client Group holds itself to on every transaction.
Why Clients Choose Northeast Private Client Group
31 tours, 16 offers, and a competitive sale. That outcome requires more than a listing. It requires a marketing process.
Precision Positioning
We priced and marketed Embassy Apartments on its real upside and scarcity, giving buyers the confidence to compete for the asset.
Rigorous Underwriting
Brad and Jeff built a full financial model for every aspect of the asset, ensuring every number was defensible and the pricing strategy was grounded in real market evidence.
Curated Buyer Network
A one-of-a-kind asset deserves a one-of-a-kind buyer. Northeast Private Client Group’s network identified the right purchaser for a property that rarely changes hands.
End-to-End Execution
From marketing to transaction coordination, every member of the Northeast Private Client Group team played a role in getting this deal to the closing table on time and at a price that reflected the asset’s full value.
Northeast Private Client Group
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