Northeast Private Client Group is pleased to present Columbia Towers, a 65-unit B Class apartment building located in Bridgeport, Connecticut. Columbia Towers presents an investor the opportunity to acquire an apartment building of scale in an exciting location adjacent to a Hospital with flexible value-add strategies in Connecticut’s most populous city.
Columbia Towers is comprised of five (5) one bedroom one bathroom, twenty-six (26) two-bedroom one-bathroom a thirty-four (34) two-bedroom two-bathroom apartments. The complex was a 2009 residential conversion intended for condos. Units feature large floor plans averaging over 1,000sf, upgraded finishes like solid wood cabinets and stainless steel appliance package, high ceilings, central air, and in-unit laundry. Many units feature a bonus room that can be used as a den or office.
Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $500/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side.
Columbia Towers offers a flexible value add opportunity. A light renovation of the apartments to upgrade flooring, kitchen counters, and possible appliance replacement can yield significant rent bumps with limited investment. Additionally, a new owner should leverage the property’s immediate proximity to the hospital to draw nurses, residents, doctors, etc. Finally, the property features excess land and parking that can be utilized for a clubroom or amenities space, and its location on a corner may allow for a commercial pad site on the property.
Bridgeport, Fairfield County, CT