Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of the following transaction in New Haven, CT.
Michael Richetelli and Fred A. Messore, Senior Vice President, of Colonial Properties, Inc., brokered the sale of a multi building apartment complex at 70 Terrace Street in New Haven. The property consists of forty one units in eight buildings and sits on 1.93 acres. The property sold for $3,055,000 and was purchased by Favorite Investments, LLC . Colonial Properties was the sole Broker in the transaction and represented the Seller, Green Olive Properties.
“This transaction demonstrates the robust multi-family market that exists in and around New Haven proper. This property has enjoyed a high occupancy rate, with close proximity to both downtown New Haven and I-95, enabling us to attain a strong value for the Seller”, said Richetelli
The attorney representing the Seller was Jerry Lacobelle, Jr., in West Haven, CT; the Buyer’s attorney was Raphael Deutsch of The Law Offices of Raymond J. Antonacci, LLC in Waterbury, CT.
Colonial Properties, Inc., founded in 1978, is a full service Commercial and Residential Real Estate Brokerage, located in Orange, CT. The firm handles commercial and residential real estate transactions including the sale and leasing of retail, industrial, office, investment properties, and residential properties, as well as brokering land and business sales.
