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News : Real Estate Aug 16, 2012 - 10:04:54 AM

Bridgeport apartment building sells for $4.95M

By Northeast Private Client Group

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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 Avenue in Bridgeport, CT. Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $4,950,000 transaction which closed on August 10.

“The completion of this sale is yet another positive indication of the strong demand that we’re seeing among private investors for New York area multifamily properties,” notes Jordan. “This portfolio is well positioned to benefit from high occupancy and growing rents in the Bridgeport apartment market.”

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 per cent on the current year’s net operating income.

“With offices throughout the Northeast, we were in a strong position to assist our Florida client with the sale of a Connecticut investment asset,” explains Jordan. “Our firm is keenly focused on building relationships, identifying opportunities and executing deals to help support real estate investors in our markets.”

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