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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Two Groton, Conn., Apartment Complexes Enter Market for Sale
Sonnenblick Goldman Retained by Owner to Market Properties
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Thursday, February 22, 2007
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New York, NY
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Sonnenblick Goldman has been retained by a private owner to sell Groton Townhouse Apartments and Phoenix Apartments, two stabilized, multi-family apartment complexes located in Groton, Conn. Totaling 237 units, the two rental apartment complexes rarely have a vacancy and are currently rented at approximately five percent below market rates.
Groton Townhouse Apartments is a townhouse community comprised of 141 one-, two-, and three-bedroom residences throughout 29 buildings in a campus-like setting. Each Groton Townhouse residence features hardwood floors, new windows and doors, new appliances, high-speed internet and cable as well as ample parking.
Phoenix Apartments consists of 96 one-bedroom residences in three buildings. Situated on approximately seven acres along US Route 1, the complex features amenities such as a card-operated laundry facility, state-of-the-art fitness center, and a 24-hour emergency maintenance service.
“The 1031 exchange market, as well as the capital markets, loves this type of product,” said Dave Karson, a director at Sonnenblick Goldman who is handling the sale. “We expect the property to trade at approximately $100,000 per unit. This investment will provide a very attractive, low risk return for an investor with good upside potential as rents are brought into line with the market.”
Groton is home to the US Naval Submarine Base, Pfizer, Inc.’s, Global Research and Development campus, and the submarine construction facilities of the Electric Boat Division of General Dynamics, Inc. Foxwoods and Mohegan Sun Casinos, two of the top three revenue producing casinos in the country are located nearby, driving the area’s tourism industry and continuing to add jobs and boost employment.
“The area’s top five employers are all a walk or bike ride from the complexes and Groton has seen very consistent demand for well-kept, low-cost housing,” said Kate Pelet, an associate at Sonnenblick. “These properties are the best in its class and are historically very attractive to renters.”
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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