Bridgeport 187 Portfolio

Bridgeport is conveniently located at the confluence of Interstate 95, Route 5-15/Merritt Parkway & Connecticut Route 8, providing ease of access to Employment Centers of New Haven, Shelton, Norwalk, and Stamford and a diversity of employment sectors: health care, life science, financial services, education, aerospace, logistics, and advanced manufacturing. The Bridgeport Metro-North train station, which will take commuters to Norwalk in ±30 minutes; Stamford in ±35 minutes, and Grand Central Station in NYC in ±87 minutes is located in downtown Bridgeport, just a few minutes’ drive from the properties in the portfolio.Northeast Private Client group is pleased to present Bridgeport 187, a 187-unit, 100% market-rate apartment portfolio in Bridgeport, Connecticut. Constructed between 1952 and 1990, the portfolio includes six properties on a total of 5.62 acres. The properties are strategically located throughout Bridgeport, Connecticut, and feature immediate access to local shopping and transportation with ease of access to downtown Bridgeport, and easily commutable to major area employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County. 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 properties with significant capital projects including exterior enhancements to elevate curb appeal, such as new parking lots, many new roofs, new siding, new landscaping, along with continued unit upgrades to at least 145 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. Bridgeport 187, with an in-place capitalization rate of over 6.5% 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%.