Navarino Capital Management has purchased a four-property portfolio of multi-family properties in New Haven and West Haven for $14.2 million. In total, the portfolio contains 203 units, equating to a sale price of approximately $70,000 per unit. The sale price represents a capitalization rate of 7.0% based on the portfolio’s current net operating income. The buyer is a Bridgeport-based owner and operator of multi-family properties in southern New England. Harvest Apartments, the seller, is a nationwide investor in multi-family properties based in Wethersfield.
The portfolio is comprised of four apartment complexes, two in West Haven, and two in New Haven. Diamond Ridge Apartments and Boulevard Apartments are located in New Haven and contain 92 and 24 units respectively. Diamond Ridge is comprised of eight two-story buildings. The Boulevard Apartments are located in a three-story building constructed in 1900. The two complexes located in West Haven are the three-story, 63-unit, Crestview Apartments, and the 24-unit Tamarack Apartments.