The Hakimian Organization Acquires Multifamily Property In New Haven, CT For $4.85M

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.