Author: matt.cawley@nationalmultifamily.com

Norwalk, CT National Multifamily brokered the sale of a five-unit apartment building located at 2 Park St. to a Connecticut-based investor for $1.71 million ($342,000 per unit). The deal closed on August 7^th. Company president Matt Cawley represented the seller and procured the buyer in the transaction.

The subject property, 2 Park St. was comprised of five units (four oversized one bedrooms and one oversized loft studio) totaling 4,136 rentable s/f in one three-story building. The property was built in 1900 and fully renovated in 2017. The building is set on a .22-acre site and has an off-street parking lot with 10 designated parking spaces. Fully landscaped with flagstone walkways and shrubbery, the irrigated property includes an outdoor patio area and built-in gas grill.

Cawley said “We are pleased to have represented the seller who had  renovated the property in 2017. The owners’ top notch renovations combined with our marketing pushed the pricing boundaries with the deal closing as one of the highest price-per-unit and the highest price-per-s/f recorded for a multifamily property. The building will fit nicely in the buyer’s portfolio as they already own multiple properties nearby.”

National Multifamily was founded by Matt Cawley in 2022. Headquartered in Rye Brook, N.Y., the company focuses exclusively on the sale of multifamily and mixed-use properties. While the company has grown in geographic reach, Cawley continues to be one of the top multifamily brokers in Fairfield County.

Greenwich, CT National Multifamily brokered the sale of a six-unit apartment building and a contiguous developable parcel located at 113 S. Water St. to a Connecticut based investor for $2,076,500 ($344,167 per unit). The deal closed on May 19^th. Company president Matt Cawley represented the seller and procured the buyer in the transaction.

The subject property, 113 S. Water St. was comprised of two lots: a six-unit (four two-bedroom apartments and two studio apartments) and a 0.10-acre lot. The three-story property, totaling 5,985 s/f was originally built in 1919 and fully renovated in 2019. Situated on a combined 0.20-acre site in the “Byram” neighborhood of Greenwich, there was surface parking on the developable lot and a garage in the rear of the building. The owner paid for heat and hot water at the property.

Cawley said, “We are pleased to have represented the seller who had meticulously renovated the property in 2019. Our marketing generated an over asking price offer within 36 hours of the property being on the market. The building will fit nicely in the buyer’s portfolio as they already own multiple properties nearby.”

National Multifamily was founded by Cawley in 2022. Headquartered in Rye Brook, NY the company focuses exclusively on the sale of multifamily and mixed-use properties. With a primary focus in the states of New York and Connecticut, the company is additionally licensed in the states of New Jersey, Massachusetts, Rhode Island, New Hampshire, Pennsylvania, Colorado, Georgia, South Carolina, North Carolina, & Florida.

While the company has grown in geographic reach, Cawley continues to be one of the top multifamily brokers in Fairfield County.

The sale of 113 S. Water St. marks the fourth sale Cawley has completed in the Byram neighborhood of Greenwich over the last two years.

Port Chester, NY National Multifamily brokered the sale of a six-unit apartment building located at 56-58 Oak St. to a NY-based investor for $750,000 ($125,000 per unit). The deal closed on March 28^th. Company president Matt Cawley represented the seller and procured the buyer in the off-market transaction.

The subject property was comprised of 6 two-bedroom units. The three-story property, totaling 4,212 s/f was originally built in 1900 via city records. Situated on a .12-acre lot, the site has a backyard that is not accessible from the street. The owner pays for common electric and the water for utilities. The tenants paid for the heat and hot water through individual gas systems.

Cawley said “We are pleased to have represented the seller who had owned the property for over 44 years. The deal technically occurred off-market as we procured the buyer on the first day of the listing agreement. The quickness of the deal showcases the demand for apartment buildings surrounding the construction boom of downtown Port Chester.”

Bridgeport CT National Multifamily brokered the sale of a contiguous seven-building, 16-unit portfolio located on Granfield Ave. and Palisade Ave. to a New York-based investor for $1.55 million. The deal closed on January 10^th. Company president Matt Cawley represented the seller and procured the buyer in the off-market transaction.

Over the course of 28 years, the sellers had pieced together the contiguous seven-property parcel with the original intention to develop the site that now totaled 0.71 acres as it was next door to a 116-unit complex they owned. When the owners decided to sell their 116-unit through Cawley of National Multifamily (closed Dec. 12^th, 2024), they were ready to sell their remaining assets in the city.

The portfolio consisted of 33-35 Granfield Ave. (five units), 43-45 Granfield Ave. (four units), 330 Palisade Ave. (two units), 37-39 Granfield Ave. (two units), 332 Palisade Ave. (single family), 25 Granfield Ave. (single family), and 57 Granfield Ave. (single family).

Cawley said “We are pleased to have represented the sellers who had picked up the portfolio in pieces over the past 28 years.  The properties were contiguous with a 116-unit complex we had just sold for the owner in December 2024. We were able to execute an off-market strategy we had planned with the owner prior to hitting the market for the buildings. We expect the buyer to do very well with the portfolio as they look at the individual pieces that comprised of the whole deal.”

National Multifamily was founded by Cawley in 2022.  Headquartered in Rye Brook, NY the company focuses exclusively on the sale of multifamily and mixed-use properties. With a primary focus in the states of New York and Connecticut, the company is additionally licensed in the states of New Jersey, Massachusetts, Rhode Island, New Hampshire, Pennsylvania, Colorado, Georgia, South Carolina, North Carolina, and Florida.

While the company has grown in geographic reach, Cawley continues to be one of the top multifamily brokers in Bridgeport where he has personally closed 39 buildings totaling 994 units in the city alone.

Bridgeport, CT National Multifamily brokered the sale of a 116-unit apartment building located at 340 Palisade Ave. to a New York-based investor for $14.1 million ($121,552 per unit). The deal closed on December 12^th. Company president Matt Cawley represented the seller and procured the buyer in the transaction.

The subject property, 340 Palisade Ave., had been held by the same family since they built the property 54 years ago. The site consists of two buildings on a single 1.46-acre site. Both buildings were three-story, brick walk-ups that were built in the early 1970s and combined to total 74,312 s/f. The 116 apartments consisted of 15 studios, 83 one-bedrooms, 15 two-bedrooms, and 3 three-bedrooms. Each building had one central gas boiler and a laundry room for the tenants. There was also an on-site office located in 340 Palisade Ave.

Cawley said “We are pleased to have represented the sellers who had owned the property for over 54 years. The sale marks one of the lowest cap rates ever recorded in the city of Bridgeport for an apartment building. With 10 offers in the first 10 days of marketing the property, it shows how strong of a demand there is for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as they continue to invest in the complex.”

National Multifamily was founded by Cawley in 2022. Headquartered in Rye Brook, NY the company focuses exclusively on the sale of multifamily and mixed-use properties. With a primary focus in the states of New York and Connecticut, the company is additionally licensed in the states of New Jersey, Massachusetts, Rhode Island, New Hampshire, Pennsylvania, Colorado, Georgia, South Carolina, North Carolina, & Florida.

While the company has grown in geographic reach, Cawley continues to be one of the top multifamily brokers in Bridgeport, Conn. where he has personally closed 32 buildings totaling 978 units in the city alone.

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024? 
We had the opportunity to sell a 116-unit apartment complex in Bridgeport CT that just closed on December 12^th for $14.1 million. The building had been held by the same family since they built the property 54 years ago. Our marketing generated 10 offers in 10 days and led to a bidding war with the top three groups. The deal closed as one of the lowest cap rates in Bridgeport history, showing how much demand there is from New York and local buyers for multifamily in Connecticut.

What emerging trends will drive investment and development in 2025? 
The potential of new housing regulations across Northeast states. We saw it firsthand in New York with the passing of HSTPA in 2019 and Good Cause Eviction in 2024. Both bills have had a huge impact for apartment building owners on their ability to operate their properties. Connecticut has maintained a more free-market model to housing. We certainly hope that continues, but housing bills across the region seem to be on the rise. We expect a further increase in demand for existing and development deals in Red States in the Southeast where we are also now actively licensed.

BRIDGEPORT – A New York investor has purchased Hillview Apartments at 340-360 Palisade Ave. for $14.1 million, according to Rye Brook, New York, broker National Multifamily Corp.

The sale of the 116- unit apartment building, which was equivalent to $121,552 per unit, closed on Dec. 12. Company president Matt Cawley represented the seller, Hillview Apartments LLC, and procured the buyer in the transaction. The buyer was not identified.

The property, which had been appraised for $7.25 million in 2024, had been held by the same family since they built the property 54 years ago. It consists of two buildings on a single 1.46-acre site.

The 340 Palisade Ave. building includes 57 units (53 one-bedrooms, 3 studios, and 1 two-bedroom) in a 3-story, brick walk-up totaling 36,734 rentable square feet 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.

The 360 Palisade Ave. building includes 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 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.

“We are pleased to have represented the sellers who had owned the property for over 54 years,” Cawley said. “The sale marks one of the lowest cap rates ever recorded in the city of Bridgeport for an apartment building.

“With 10 offers in the first 10 days of marketing the property, it shows how strong of a demand there is for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as they continue to invest in the complex.”

National Multifamily was launched by Cawley in 2022 to provide a best-in-class mid-market investment brokerage sales service for multifamily properties. Its primary focus is in New York and Connecticut.

Rye Brook, New York – headquartered National Multifamily Corp. announced the sale of a 116-unit apartment complex located in Bridgeport, Connecticut, to a New York-city based investor for $14.1 million, or $121,552 per unit.

The property had been held by the same family since that built the two buildings on a single 1.46-acre site. One building, 340 Palisade Avenue, is comprised of 57 units (53 one-bedrooms, three studios, and a single two-bedroom) in one three-story brick walk-up totaling 36,734 rentable square feet and built in 1970. The other building, 360 Palisade Avenue address, is comprised of 59 units (30 one-bedrooms, 14 two-bedrooms, 12-studios, and three three-bedrooms) in one three-story brick walk-up totaling 37,578 rentable square feet and built in 1973.

National Multifamily Corp. Matt Cawley represented the seller and procured the buyer in the transaction.

“We are pleased to have represented the sellers who had owned the property for over 54 years,” Cawley said. “The sale marks one of the lowest cap rates ever recorded in the city of Bridgeport for an apartment building. With 10 offers in the first 10 days of marketing the property, it shows how strong of a demand there is for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as they continue to invest in the complex.”

Greenwich, CT President Matt Cawley of National Multifamily completed multiple trades in Q2 and Q3 2024.

• The apartments located at 168 N. Water St. is a six-unit built in 1900 and fully renovated in 2023. The three-story walk-up totaled 5,148 rentable s/f. The property sold for $2.45 million on June 3^rd, 2024 in an off-market transaction. Pamela Franklin of Houlihan Lawrence represented the seller with Cawley representing the buyer. Financing for the transaction was provided by the First Bank of Greenwich.

• The apartments located at 15 Beech St., is a five-unit built in 1900 and fully renovated in 2024. The three-story walk-up totaled 4,281 rentable s/f. The property sold for $1.950 million on August 23^rd, 2024 in an off-market transaction. Pamela Franklin of Houlihan Lawrence represented the seller with Cawley representing the buyer. Financing was provided by the First Bank of Greenwich.

Cawley said, “Despite the higher rate environment we continue to see strong demand for multifamily in the suburbs of the tri-state area that has seen continued rent growth due to population migration to the area since 2020. The pair of off-market deals that were agreed to quickly will fit in nicely to the buyer’s growing portfolio in Southwestern CT.”