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February 14, 2024

18-unit Waterbury apartment building sells for $1.8M

CoStar 22 West Porter St., Waterbury.

An 18-unit, brick-sided apartment building in Waterbury’s Brooklyn neighborhood recently sold for $1.8 million.

West Porter LLC sold the property at 22 West Porter St. – adjacent to Duggan Elementary School – to Premier Rentals LLC, in a sale logged by the city on Dec. 5.

The seller’s principal is Yisroel Cherns, of Spring Valley, New York, according to state business records. West Porter LLC originally purchased the 1930-vintage apartment building on just over four-tenths of an acre for $780,000 in early 2020, according to city assessing records.

The buyer’s principal is Amilcar Perez, of Long Island. 

Andrew Stein, vice president of Vanguard Private Client Group, represented the buyer and the seller.

Stein said the property sold within about a month of listing on at $100,000 per unit, which tops the average of about $80,000 per unit in Waterbury.

Stein said he was able to identify a buyer who owns more than 60 multifamily units in Waterbury and “fit the mold” of a buyer eager to scale up their business. Now, Stein said, he is working to sell a six-family apartment building and other, smaller rental assets in Waterbury for Perez.

“They know the Waterbury market and the economics that drive it,” Stein said. “It was just perfect timing and a perfect asset for them.” 

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