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July 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Northeast Private Client Group announces sales of 9 Bridgeport properties totaling $11.7M

240 Oak St. in Bridgeport.

Northeast Private Client Group’s Shelton office has announced the sales of nine Bridgeport properties totaling 152 units in four transactions for $11.725 million.

The Bridgeport deals, conducted by Northeast Private Client Group’s Vice President of Investments Brad Balletto and Investment Associates Rich Edwards and Jeff Wright, involved representing the sellers and procuring the buyers of:

  • A 44-unit multifamily portfolio at 740 Ellsworth St. and 191 Oak St. The seller, a Bridgeport owner-operator, sold the properties to a private Connecticut-based investor for $3.6 million.
  • The 32-unit multifamily building at 240 Oak St. The seller, Yonkers-based Bros Mgmt LLC, sold the property to a private investor in Norwalk for $2.3 million.
  • A two-location multifamily portfolio consisting of 35 units. The private Connecticut-based seller sold the properties to Blue Garden Apartments LLC for a combined total of $2.275 million.
  • Four multifamily properties at 420-428, 411-425, 453-457, and 503-519 E. Main St., totaling 41 units. The seller, East Main 503 LLC, sold the properties to a private Norwalk investor for a combined total of $3.55 million.

“Bridgeport represents one of the best multifamily investment opportunities in the state,” Balletto said. “Its prime location as the next metropolitan city along the Connecticut coast after Stamford and Norwalk, and the evolution of downtown Bridgeport and development along the waterfront at Steel Pointe, contribute to Bridgeport being primed for sustained rent growth and rental demand. In my opinion, it is the most undervalued market in Fairfield County.”