BRIDGEPORT – A New York investor has purchased Hillview Apartments at 340-360 Palisade Ave. for $14.1 million, according to Rye Brook, New York, broker National Multifamily Corp.
The sale of the 116- unit apartment building, which was equivalent to $121,552 per unit, closed on Dec. 12. Company president Matt Cawley represented the seller, Hillview Apartments LLC, and procured the buyer in the transaction. The buyer was not identified.
The property, which had been appraised for $7.25 million in 2024, had been held by the same family since they built the property 54 years ago. It consists of two buildings on a single 1.46-acre site.
The 340 Palisade Ave. building includes 57 units (53 one-bedrooms, 3 studios, and 1 two-bedroom) in a 3-story, brick walk-up totaling 36,734 rentable square feet built in 1970. The landlord pays for the heat and hot water through a central gas system. The building has a laundry room and an on-site management office.
The 360 Palisade Ave. building includes of 59 units (30 one-bedrooms, 14 two-bedrooms, 12 studios, and 3 three-bedrooms) in one 3 story, brick walk-up totaling 37,578 rentable square feet built in 1973. The landlord pays for the heat and hot water through a central gas system. The building has a laundry room for the tenants.
“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.”
National Multifamily was launched by Cawley in 2022 to provide a best-in-class mid-market investment brokerage sales service for multifamily properties. Its primary focus is in New York and Connecticut.
