Amodio Facilitates 56-Unit New Britain Apartment Complex Sale for $4.8M

 
· Closing Announcements

11/5/2024 – New Britain, CT – FOR IMMEDIATE RELEASE

Amodio & Co is pleased to announce the sale of 15-45 Elam Street, New Britain, CT. The 6 building, 56-unit brick complex known as Elam Court was built in 1967, renovated in recent years, and is comprised of all 1-bedroom units. Amenities include on-site laundry facilities, ample surface parking, and walking distance to park, restaurants, and shops.

The property traded hands for $4.8M ($85,714/unit). At time of sale, the property was fully leased yielding 6.3% going-in cap rate with below market rents.

The property benefits from strategic proximity to newly renovated Osgood Park, E.C. Goodwin Technical, CREC academy, Stanley Black & Decker world headquarters and direct highway access to I-84.

Eric Amodio, CCIM, MBA of Amodio & Co Real Estate represented the seller, Elam Gardens, LLC, as well as sourced the buyer, LYP Management, LLC.

Eric Amodio, CCIM, MBA

Since 1919, Amodio & Co. Real Estate has assisted their clients in all aspects of real estate including brokerage, financing, management and development. Its team of experienced industry experts offers creative solutions for buyers, sellers, landlords and tenants to ensure their deal transacts properly. Amodio & Co provides expert advice and services with effective solutions to its real estate engagements. Put the power of a CCIM globally designated professional on your team and let our award-winning firm assist in navigating today’s CRE market. Based in Farmington, CT, with a nationwide reach.