Greenwich Apartment Buildings Are Sold

Investment sales broker Northeast Private Client Group has announced the sale of two suburban multifamily properties located in Greenwich and Cheshire.

The Greenwich property, located at 307 Hamilton Ave., has five apartment units in two brick buildings with landlord-paid utilities. The seller was a New York-based real estate investment fund. The buyer is a New York-based private investor. The property sold for $1.4 million, a price that equates to $280,000 per unit and represents a capitalization rate of 6.1% on the current net operating income.

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Bradley Balletto, the firm’s regional manager, and David Almeida, senior associate in the firm’s Connecticut office, represented the sellers and the buyers in the two transactions.

The Cheshire property, located at 122 Country Club Rd., comprises 16 two-bedroom apartment units and 10 garages with tenant-paid utilities, sold for $1.475 million.

Contributed photo: 307 Hamilton Ave., Greenwich.