340 Palisade Avenue

National Multifamily is pleased to have sold a 116-unit multifamily property located in Bridgeport, CT.  The property had been owned by the same family for over 54 years.

Located in North Bridgeport, the property consists of two buildings on a 1.46 acre site.  The buildings are known as 340 Palisade Avenue and 360 Palisade Avenue.

Property

340 Palisade Avenue:

340 Palisade Avenue is comprised of 57 units (53-one bedrooms, 3-studios, and 1-two bedroom) in one 3 story, brick walk-up totaling 36,734 rentable square feet and built in 1970.  The landlord pays for the heat and hot water through a central gas system.  The building has a laundry room and an on-site management office.

360 Palisade Avenue:

The building on the left-hand side of the lot known as 360 Palisade Avenue is comprised of 59 units (30-one bedrooms, 14-two bedrooms, 12-studios, and 3-three bedrooms) in one 3 story, brick walk-up totaling 37,578 rentable square feet and built in 1973.  The landlord pays for the heat and hot water through a central gas system.  The building has a laundry room for the tenants.

Strategy

The owners of the property had reached out to Matt Cawley of National Multifamily as he had recently broken the price per unit record in Bridgeport and had extensive knowledge of the buyer pool in the area having sold over 31 apartment buildings in Bridgeport CT alone since 2016.  Matt was able to put together a full Broker Opinion of Value detailing out how to maximize pricing through a full marketing strategy.  Updating the owner on weekly calls through the premarketing and marketing period the owner understood the plan through consistent communication.

Result

Even with the building trading at one of the lowest Cap Rates recorded in Bridgeport, National Multifamily’s best-in-class and precise marketing was able to generate 10 offers in the first 10 days.  The top three bidders, who were all at asking price, were invited to a best and final round.  The results from the successful marketing and deal included:

1) The top bidder eventually moved their bid above the asking price.

2) Due to National Multifamily’s unique process of completing a full due diligence review of the property prior to marketing, when the buyers received the due diligence vault during the final and best round the top bidder was able to comfortably remove their due diligence and financing contingency.

3) The Offer Price was the Closing Price

4) The sale of 340 Palisade Avenue, Bridgeport CT closed at a 5.45% Cap Rate on the current income and expenses. This marks one of the lowest Cap Rates ever recorded for a multifamily property in the city of Bridgeport.

The seller was represented by Matt Cawley of National Multifamily who also procured the buyer.  The deal closed on December 12, 2024.  Contact Matt Cawley for a full setup at closing.