Northeast Private Client Group”™s (NEPCG) Metro-North Investment Sales Team has completed the sale of two multifamily properties in Fairfield County.
Barnum Ave. Apartments, at 215 Barnum Ave. in Bridgeport, sold for $2.6 million, which equates to $108,333 per unit and a cap rate of 6.23%. The 24-unit multifamily property is made up of five studio apartments and 19 one-bedroom apartments.
According to Bob Paterno, investment associate at the Shelton realtor, “We were able to facilitate a seamless transaction between two long-term clients. The seller was able to exceed his anticipated exit projections and the buyer acquired an outstanding property with significant upside in one of the fastest-growing markets in the state of Connecticut.”
In addition, Woodland Place Apartments, located at 30 and 31 Woodland Place in Stamford, sold for $1.805 million. The two-building complex had a cap rate of 6.57% and a price per unit of $180,500.
“Demand continues to outweigh the supply of the lower Fairfield County multifamily market allowing sellers to capitalize on our competitive transaction process,” said Rich Edwards, senior associate at NEPCG. “We”™ve worked for this seller previously on multiple transactions. The buyer will achieve success through the continuation of the already in-place renovation program and will further benefit from the continual rise in rental rates throughout Harbor Point.”
