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Bob Paterno, investment associate at NEPCG, calls Bridgeport "one of the fastest-growing markets in the state.”
"We're pushing forward with a pretty ambitious growth plan," Jordan said.
The property was sold to a New Haven County investor in a 1031 exchange.
The buildings were originally constructed in 1905.
Both buildings were erected in 1920.
The three adjacent buildings are the Sherwood and Shakespeare Apartments at 490 and 498 Sherwood Place and Avon Apartments at 1126 Stratford Ave.
“Bridgeport represents one of the best multifamily investment opportunities in the state,” says NPCG's Brad Balletto. "In my opinion, it is the most undervalued market in Fairfield County.”
Known collectively as The Bridgeport Multifamily Portfolio, the properties -- consisting of Main & Federal Apartments, Park Avenue Apartments, and Marble Edge Apartments – total 62 units.
Other Fairfield County companies on the list include Inspira Marketing of Norwalk and Darien recruitment agency The Pi Group.
Each property consists of 58 luxury apartment units with amenities including 24-hour fitness centers, rooftop lounges and screening rooms.
“The Norwalk submarket commands strong interest from a regional group of investors,” said Brad Balletto, vice president of investments at Northeast Private Client Group.
At this late stage in the investment cycle, with multifamily assets trading at record highs, investors are seeking creative strategies for increasing income to maximize returns.
The transaction cost $136.93 per square foot and was capitalized at 7.9 percent of current net operating income.
Nineteen county-based firms made the list, which ranks the fastest-growing companies in the U.S.
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