The Hakimian Organization Acquires Multifamily Property In New Haven, CT For $4.85M | 19 Elm Street | Bradley (Brad) Balletto | MultiFamily | Sale

Summary

Sale

CONNECTICUT

MultiFamily

23,849 sqft

The Hakimian Organization, led by Rex Hakimian, Shawn Hakimian, Jay Hakimian, and Kevin Gorjian of Gorjian NY, has acquired a multifamily property located at 19 Elm Street in New Haven, CT. The property, sold by Mod Equities, was brokered by Bradley Balletto of Northeast Private Client Group. The transaction closed on August 12, 2022, for a sale price of $4,850,000.

Summary of transaction details:

Property Type: Multifamily
Sale Price: $4,850,000
Address: 19 Elm Street
Market: New Haven, CT

The multifamily property consists of 96 units, with a price per unit (PPU) of $50,520. The total square footage of the property is 23,849, resulting in a price per square foot (PPSF) of $203.

According to the buyer, The Hakimian Organization, Southern CT has been a focus for their company's expansion plans. They see strong demand for quality rental housing in the area and believe that the location and design of the property make it an ideal investment opportunity. The building is also conveniently situated with easy transportation access, ample amenities, and great views.

Players

All
2

Agents
1
Agencies
1

Bradley (Brad) Balletto

Vice President

$49.3M Sold

NorthEast Private Client Group

Details

Deal Summary

SOLD

IMAGE: Rex Hakimian, Shawn Hakimian, Jason Hakimian & Kevin Gorjian DATE: 08/12/2022 ADDRESS: 19 Elm Street MARKET: New Haven, CT ASSET TYPE: Multifamily BUYER: The Hakimian Organization (@TheHakimianOrganization) - Rex Hakimian, Shawn Hakimian (@ShawnHakimian) & Jay Hakimian & Gorjian NY - Kevin Gorjian SELLER: Mod Equities BROKER: Bradley Balletto - Northeast Private Client Group (@NortheastPCG) SALE PRICE: $4,850,000 UNITS: 96 ~ PPU: $50,520 SF: 23,849 ~ PPSF: $203 NOTE FROM BUYER: Over the last few years our organization has been looking to expand across the east coast. Southern CT has been a particular focus for our company. It provides a natural expansion beyond our base in New York, along with strong demand for quality rental housing. The location & property provide us with a great canvas to create rental units that are both beautifully designed & well laid out. The building will also benefit from strong transportation access, plentiful amenities & great views.

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Address19 Elm Street

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