Northeast Private Client Group broker $4.95m sale

As seen in New England Real Estate Journal.

BRIDGEPORT, CT Investment sales broker Northeast Private Client Group has announced the sale of a 4-building, 162-unit multifamily portfolio located at 40 Sanford Place and 205, 223 & 265 Washington Ave.  Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $4.95 million transaction which closed on August 10.

The seller, BNH Bridgeport LLC, a Florida-based multifamily investor, originally purchased the property in 2010, and made significant capital improvements during their ownership.  The buyer, Connecticut Realty Trust of Fairfield, purchased the property for a price that equates to $30,555 per unit, which represents a capitalization rate of 10% on the current year’s net operating income.