The Bridgeport multifamily development 225 Taft Ave. that has been used for student housing was sold to an unidentified local investor for $3.2 million following a two-day online auction conducted by United Multi Family and Ten-X Commercial Real Estate.
The four-story property was built in 1991 and consists of 20 three-bedroom duplex units. Sacred Heart University leased the property for student housing since the mid-1990s under the name Taft Commons; the property is now vacant and the new owner plans to operate the building as independent student housing.
Matt Cawley, senior director at United Multi Family, represented the seller, Thousand Keys Realty LLC, in the transaction and observed that the online auction was a “highly contested bidding process, with over 240 signed CA’s, 50 private property tours, and 15 approved auction bidders. Within two hours of the conclusion of the two-day auction we had an All-Cash, As-Is Sales contract signed by the winning bidder.”