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New Haven Apartments Trade for Over $6M

Photo courtesy of Northeast Private Client Group

A New Haven apartment complex was acquired by a New York investor for $6.15 million, representing a 146 percent increase from its previous trade in 2015.

Greyhill Management Group LLC is the new owner of the 41-unit Norton Pointe Apartments at 66 Norton St. The purchase price equates to over $150,000 per unit.

The seller was Brooklyn, New York-based 66 Norton Apartments LLC, which paid $2.5 million for the property in March 2015 according to data compiled by The Warren Group, publisher of the Commercial Record.

Northeast Private Client Group Managing Director Brad Balletto and Investment Associate Derek Mahabir represented the seller and procured the buyer in the latest transaction.

The acquisition gives the new owners access to the strong rental demand in New Haven driven by its health care industry and Yale University, Northeast Private Client Group said in an announcement.