Bridgeport, Conn. represents one of the best multifamily investment opportunities in the state.
“Bridgeport’s close proximity to New York City and easy access to I-95, the Merritt Parkway and mass transit, make it a desirable market for commuters,” explains Bradley Balletto, Vice President, Investments for Northeast Private Client Group. “For investors, this translates into strong occupancy rates and the opportunity for sustained rent growth on well-positioned assets.”
The largest city in both Fairfield County and all of Connecticut, Bridgeport is an active economic development hub. Plans are on the table for a casino that would bring $350 million in economic development to Bridgeport. Further, a recent article in the CT Post notes that plans are moving forward to improve infrastructure at the city’s port. A brownfield remediation project is also currently underway that will lead to development of a new charter school. Plus, the city recently released a new 10-year master plan designed, in part, to spur further economic development across the city.
“There is a renewed interest and enthusiasm for the Bridgeport market by investors who have been priced out of New York City,” Balletto said. “Hudson Valley investors are also looking to expand into Fairfield County, and there is tremendous opportunity for Connecticut investors looking to broaden their portfolio.”
Home to the University of Bridgeport, Bridgeport Hospital and located in close proximity to other higher education institutions and large employers, demand for multifamily housing in Bridgeport remains particularly strong. The affordability of units – especially compared to the nearby Norwalk and Stamford markets – is also fueling demand, which is great news for investors who are looking to maximize their returns.
“We see in communities across the region that walkability is important to people,” Balletto said. “Whether it’s a short walk from one of Bridgeport’s three train stations, the ferry or other mass transit, workforce level housing located near these assets will continue to perform well.”
Bridgeport is also home to Qualified Opportunity Zones where investors can benefit from IRS-designated tax incentives. Northeast PCG’s listing at 677 Fairfield Avenue, a mixed-use building with 11 apartments and three ground floor retail suites, is a prime example of a value-add investment nestled in an opportunity zone.
Northeast PCG is currently offering several multifamily and mixed-use assets in Bridgeport. You can view our active listings here.