273 Colorado Avenue

The City of Bridgeport is located in Fairfield County, and is approximately 20 miles west of New Haven, approximately 23 miles east of Stamford and approximately 60 miles east of New York City. Bridgeport has approximately 146,570 residents, making it the most populous city in Connecticut, and the fifth-most populous city in New England. Historically, the City of Bridgeport was a manufacturing industry powerhouse from the 1800's until the immediate years following WWII. Since the early 2000’s Bridgeport has implemented substantial economic, urban planning, and business development strategies. Bridgeport presents an investor with the potential for nearterm revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $1,100/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side. Bridgeport is considered by many industry professionals to have substantial revitalization potential owing to its centralized location between Stamford and New Haven, as well as its existing deep water harbor.Northeast Private Client Group is pleased to present Colorado Apartments, a 20-unit, 100% market-rate apartment building in Bridgeport, Connecticut. Constructed between 1958, Colorado Apartments consists of 8 studio and 12 one-bedroom apartments on 0.30 acres. The property is strategically located in Bridgeport's West End Neighborhood, and features immediate access to local shopping and transportation. Additionally, downtown Bridgeport and major area employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County are easily commutable. Additional demand drivers include several Universities and two Hospitals, a Metro North train Station, M&T Bank Headquarters, a deep-water port, and a ferry to Port Jefferson in Long Island. Current ownership has maintained and continually upgraded the property with significant capital projects including exterior enhancements to elevate curb appeal, a new parking lots, new roof, new siding, new landscaping, along with continued unit upgrades to at least 10 units including updates to kitchens, bathrooms, flooring, and lighting. Additionally, they have proven the ability to add significant value through improved operational focus by setting new high rents at all properties, leaving a new owner the opportunity to harvest loss-to lease in under-rented units. Colorado Apartments, with an in-place capitalization rate of 6.75% provides for immediate strong, stable cash flow with significant upside that can be captured in the near-term. This is an attractive opportunity to acquire a well-located value-add, workforce, multifamily housing portfolio with immediate scale. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9%.