News: Front Section
Posted: September 1, 2017
Cawley of United Multi Family brokers 14 building portfolio sale for $30.54 million
Bridgeport, CT United Multi Family (UMF) brokered a portfolio sale of 14 apartment buildings totaling 462 units for $30.54 million ($66,104 per unit). Matt Cawley of the New York City office of UMF handled the sale in an “off-market” transaction.
The residences were sold by Empire Residential to Rhodium Capital Advisors in partnership with Firm Capital Organization.
Financing was arranged by Jeffrey Seidenfeld, managing director of Eastern Union Funding and equity by Mark Belsky, principal of Eastern Union Equity. The CAP rate at the time of sale was 7.16% with the properties having a gross annual income of $4.36 million. Included in the sale are the apartments located at:
• 2209-2225 Main St. (179 units);
• 1465 East Main St. (46 units);
• 340 Putnam St. (18 units);
• 299 Berkshire Ave. (24 units);
• 644-654 Park St. (18 units);
• 30 Granfield Ave. (15 units);
• 80 Granfield Ave. (17 units);
• 85 Price St. (17 units);
• 1575 Iranistan Ave. (28 units);
• 898-930 Norman St. (28 units);
• 1421 Fairfield Ave. (25 units);
• 850 Hancock Ave. (15 units);
• 1054 Hancock Ave. (15 units); and
• 1590 Barnum Ave. (17 units).
The buildings were primarily located in four clusters around the city that centered around the 179-unit Cambridge apartments.
Cawley, the real estate broker on the transaction for UMF, said, “The deal was conducted entirely off-market for our clients, Empire Residential. We were able to negotiate and finalize a purchase price within hours of Rhodium Capital Advisors receiving our marketing package.”
UMF specializes in the sale of multi-family properties throughout the Northeast. This is the second time within the last 12 months that UMF was able to sell the 179-unit Cambridge Apartments. Over the last two years in town alone, UMF has brokered the sales of 21 apartment buildings consisting of over 800 units.
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