1476 Chapel St.

The recent sales of five New Haven properties for over $14 million reflects nearby development activity that’s increasing demand for multifamily investments, according to a broker who represented owners in the transactions.

Shelton-based Northeast Private Client Group represented the sellers in the five transactions totaling $14.225 million.

On Oct. 16, a 19-unit property at 1476 Chapel St. was acquired by New Haven-based Sherman Chapel Properties LLC for $1.75 million, or a cap rate of 6.9 percent on current net operating income.

A 26-unit property at 725 Whitney Ave. was sold to Beacon Hill Realty Holdings of Fairfield for $3.15 million, or a cap rate of 5.4% in mid-October, while ABCD Properties LLC acquired a 24-unit property at 1495 Ella Grasso Boulevard for $2.5 million, representing a 7.4 percent cap rate.

And in September, NHCD 4 LLC of New Haven acquired 90 Norton St. for $2.9 million, or a 6.8 percent cap rate while New Haven-based Terrace Street LLC bought the 41-unit 70 Terrace St. for $3.95 million, or a 6.5 percent cap rate.

The Norton and Chapel street properties attracted multiple offers and are located near Yale New Haven Hospital’s St. Raphael’s Campus, which in April announced an $838 million, 500,000-square-foot expansion project.

“With a truly cosmopolitan feel, a walkable downtown area, an active cultural community and a lively nightlife and entertainment scene, New Haven offers something that maybe no other city in Connecticut can,” Northeast Private Client Group Vice President of Investments Brad Balletto said in a statement.