Bridgeport Apartment Complex Sells for $6.5M

BRIDGEPORT, CT-The 137-unit Tower II Apartments complex at 1491 Central Ave. here has been sold by AIMCO Properties of Denver to Fairfield Ventures of Bridgeport, a group of local investors.

The deal was reported by Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the transaction that closed with a 12 percent market capitalization rate. The sale price of $6.5 million equates to $47,445 per unit or $81 per sf for the property that features 79,902 rental sf of space.

Tower II Apartments is a HUD-subsidized property for low and moderate-income tenants. Mitchell R. Labar, senior vice president and managing director of Marcus & Millichap’s Northeast regional office, says the financing with the Connecticut Housing Finance Authority with HUD rental contract transactions took less than six months to close. Normally, a deal of this type would require one to two years to complete, he notes.