As seen in American Towns
SHELTON, Conn. (October 29, 2018) Investment sales broker Northeast Private Client Group has announced the recent sale of three multifamily buildings located in Bridgeport, Conn. Bradley Balletto, vice president, investments, together with Rich Edwards and Jeff Wright, investment associates in the firm’s Connecticut office, represented the seller and sourced the buyer in the off-market transaction.
On October 18, Northeast Private Client Group closed the sale of The Bridgeport Multifamily Portfolio totaling 62 units located at 2445 Main St & 24,38-42 Federal St, 2646 Fairfield Ave, and 858-872 Park Ave. The seller, McDillon Holdings. Inc of Fairfield, Conn., sold the properties to Blue Garden Apartments LLC for $4,350,000 in one transaction. The price paid equates to $70,161 per unit and a capitalization rate of 7.3 percent on in-place net operating income.
Main & Federal Apartments located at 2445 Main Street and 24, 38-42 Federal Street is a 22-unit property is Bridgeport’s desirable North End. With four buildings in total, the complex is equipped with parking and central community areas.
Park Avenue Apartments is a 21 Unit property located 858-872 Park Avenue. The property features attractive Victorian architecture, large windows, and convenient access to Downtown Bridgeport which is currently undergoing a revitalization.
Marble Edge Apartments is comprised of 19 units at 2646 Fairfield Avenue in the heart of Bridgeport’s trendy Black Rock neighborhood. Marble Edge offers tenants a large off-street parking lot, on-site laundry, and immediate proximity to upscale shopping, entertainment, and dining options, along with the handsome Black Rock waterfront.
“Bridgeport continues to be one of the most undervalued markets in the state” said Balletto. “Bridgeport has all of the features of a market poised for long-term sustained rent growth and appreciation.”
According to proprietary research published by Northeast Private Client Group, the underlying fundamentals for multifamily real estate investment in the Bridgeport submarket remain strong heading into 2019. High occupancy and sustained rent growth may be attributed to Bridgeport’s character as a population center and Connecticut’s largest city, with over 140,000 residents and a population density of over 9,000 people per square mile, ranking it in the top 60 nationally for this statistic.
Bridgeport’s location at the confluence of Interstate 95, Route 8, and the Merritt Parkway, offering direct access to Manhattan and New Haven via Amtrak and MetroNorth rail service, position the city as a regional transportation hub. Bridgeport is a rapidly maturing market with significant new development and redevelopment in all areas of the city. Its strategic location and proximity to lower Fairfield County employment centers supports strong occupancy and rent growth, while offering relative affordability to neighboring submarkets in Norwalk and Stamford.
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.