Rye Brook, New York-headquartered National Multifamily Corp. announced the sale of a 116-unit apartment complex located in Bridgeport, Connecticut, to a New York-city based investor for $14.1 million, or $121,552 per unit.
The property had been held by the same family since that built the two buildings on a single 1.46-acre site. One building, 340 Palisade Avenue, is comprised of 57 units (53 one-bedrooms, three studios, and a single two-bedroom) in one three-story brick walk-up totaling 36,734 rentable square feet and built in 1970. The other building, 360 Palisade Avenue address, is comprised of 59 units (30 one-bedrooms, 14 two-bedrooms, 12-studios, and three three-bedrooms) in one three-story brick walk-up totaling 37,578 rentable square feet and built in 1973.
National Multifamily Corp. Matt Cawley represented the seller and procured the buyer in the transaction.
“We are pleased to have represented the sellers who had owned the property for over 54 years,” Cawley said. “The sale marks one of the lowest cap rates ever recorded in the city of Bridgeport for an apartment building. With 10 offers in the first 10 days of marketing the property, it shows how strong of a demand there is for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as they continue to invest in the complex.”
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