Bridgeport, CT - August 23, 2017
United Multi Family brokers the sale of Bridgeport, CT 462 units for $30,540,000
Matt Cawley of UMF handles sale
United Multi Family brokered a portfolio sale of 14 apartment buildings totaling 462 units in Bridgeport, CT for $30,540,000 ($66,104 per unit). Handled by Matt Cawley of the New York City office in an "off-market" transaction the residences were sold by Empire Residential to Rhodium Capital Advisors in partnership with Firm Capital Organization. Financing was arranged by Jeffrey Seidenfeld, Managing Director of Eastern Union Funding and equity by Mark Belsky, Principal of Eastern Union Equity. The CAP rate at the time of sale was 7.16% with the properties having a gross annual income of $4,360,212.
Included in the sale are the Cambridge apartments located at 2209-2225 Main Street (179 units), 1465 East Main Street (46 units), 340 Putnam Street (18 units), 299 Berkshire Avenue (24 units), 644-654 Park Street (18 units), 30 Granfield Avenue (15 units), 80 Granfield Avenue (17 units), and 85 Price Street (17 units), 1575 Iranistan Avenue (28 units), 898-930 Norman Street (28 units), 1421 Fairfield Avenue (25 units), 850 Hancock Avenue (15 units), 1054 Hancock Avenue (15 units), and 1590 Barnum Avenue (17 units). The buildings were primarily located in four clusters around the city that centered around the 179-unit Cambridge apartments.
Matt Cawley, the real estate broker on the transaction for United Multi Family, stated â€œThe deal was conducted entirely off-market for our clients, Empire Residential. We were able to negotiate and finalize a purchase price within hours of Rhodium Capital Advisors receiving our marketing package.â€
United Multi Family specializes in the sale of multi-family properties throughout the Northeast. This is the second time within the last 12 months that United Multi Family was able to sell the 179-unit Cambridge apartments. Over the last two years in Bridgeport, CT alone, United Multi Family has brokered the sales of 21 apartment buildings consisting of over 800+ units.