Rhodium Capital Advisors, a New York-based real estate investment firm, has partnered with the Toronto-based real estate private equity group Firm Capital Organization to acquire a portfolio of 14 Bridgeport multifamily housing properties for $30.5 million.
The portfolio consists of 462 apartment units spread across one 179-unit complex and 13 buildings averaging 22 units each. Rhodium, who did not identify the portfolio’s seller, plans to spend approximately $1 million on building-wide capital improvements and $1.6 million on upgrades within the apartment units.
The properties that were acquired in this transaction are at 2209-2225 Main St., 1465 E. Main St., 340 Putnam St., 299 Berkshire Ave., 644-654 Park St., 30 Granfield Ave., 80 Granfield Ave., 85 Price St., 1575 Iranistan Ave., 898-930 Norman St., 1421 Fairfield Ave., 850 Hancock Ave., 1054 Hancock Ave. and 1590 Barnum Ave.
Daniel Shragaei, a managing principal of Rhodium, said, “This acquisition represents the latest implementation of Rhodium’s geographical diversification program with a substantial acquisition in Fairfield County, Connecticut. We are excited about the growth in the area, as well as the prospects of great value enhancement for our portfolio. We fully expect that our tenants, partners, and lenders will quickly see the benefits of Rhodium’s business plan and expertise.”