National Multifamily Corp. announced the sale of a four-property, 164-unit multifamily portfolio in Bridgeport, Connecticut, for $17.3 million, or $105,488 per unit.
The properties located encompass 43 studio apartments, 101 one-bedrooms, and 20 two-bedrooms totaling 116,718 rentable square feet across four contiguous buildings. The properties were built between 1910 and 1926 and sit on a total of 1.35 acres.
While there is no off-street parking for the tenants at the properties, the portfolio features a central laundry facility and an Amazon package room. The landlord paid for heat and hot water through central gas boilers and hot water heaters at each building.
Matt Cawley, Michael Hewes, and Olivia Friedberg of National Multifamily completed the off-market transaction representing the seller (BCT-205 LLC, BCT-30 LLC, & BCT-040 LLC) and directly procuring the buyer (Washington LLC, 223 Washington LLC, 40 Sanford LLC).
“We are pleased to have completed the sale of the Washington Avenue portfolio in Bridgeport, Connecticut,” said Cawley, president of National Multifamily Corp. “A portfolio of this size does not come across very often and the demand for it from the top bidding groups in Bridgeport showed just how strong the multifamily market is in the city. We are excited to see what the buyer has in store for the properties as they will fit in nicely with their current portfolio.”
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