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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.”

The real estate brokerage National Multifamily Corp. has secured its latest company license in South Carolina.

Headquartered in Rye Brook, New York, the company is licensed in its home state and Connecticut, New Jersey, Rhode Island, Massachusetts, Pennsylvania, Florida and Colorado. In an exclusive interview with Weekly Real Estate News, National Multifamily President Matt Cawley explained the company’s expansion came about because of existing client closer to home.

“Over the past decade, we worked for a specific client a number of times selling their apartment buildings in Connecticut,” he said. “That relationship over the years resulted in eight properties sold totaling over 100 units. The client proceeded to purchase a portfolio in South Carolina and asked us based on our successful track record together in Connecticut if we would sell the properties for them. Getting a license in additional states is not an easy process – however, with our newest license addition of South Carolina, we are fully licensed in 9 states with an additional 3 licenses in process along the Eastern United States.”

Cawley observed that South Carolina offered his company a strong opportunity to pursue new multifamily business.

“The Carolinas and the Southeast in general has an increasing demand by Northeast buyers,” he continued. “Typically, as is shown with the portfolio we will be launching, the properties that you can purchase in the region are of larger size, scale, and newer construction buildings. The assets available coupled with the landlord friendly state legislatures and growing populations of the Southeast has made the quick flight worth it.”

President Matt Cawley of National Multifamily completed multiple trades across the tri-state area in the second half of 2023.

• The mixed-use property located at 3142 Fairfield Ave. in Bridgeport, is an eight-unit built in 1917. Situated on a 0.18-acre site the building consists of two retail sites and six apartments. The property sold for $1.825 million on October 16^th, 2023 in an all-cash, as-is transaction. The sale broke the Bridgeport record for the highest price per unit ever recorded.

• The apartments located at 654 Jamaica Ave. in Brooklyn, N.Y. is a six-unit built in 1905. The three-story walk-up totaled 6,056 rentable s/f and comprised of four two-bedroom and two three-bedroom units. The property sold for $800,000 on July 31^st, 2023.

• The apartments located at 180 N. Water St. in Greenwich, Conn. is a three-unit built in 1920. Situated on a 0.14-acre lot the building consists of one two-bedroom, one three-bedroom, and one duplex four bedroom totaling 3,838 rentable s/f. Pamela Franklin of Houlihan Lawrence represented the seller with Cawley representing the buyer. The property sold for $1.9 million on November 17^th, 2023.

Cawley, said “Despite a continued rise in interest rates throughout 2023 we continue to see strong demand for both multifamily and mixed-use properties in the suburbs of New York City and across Connecticut. We are very happy for all sellers and buyers in these transactions.”

The multifamily property at 180 North Water St. in Greenwich was sold for $1.9 million.

The four-story property was built in 1920 and consists of three units – one two-bedroom, one three-bedroom and one duplex four-bedroom – within a 3,838-square-foot building on a 0.14-acre lot. All units were fully renovated since 2022 and the transaction is worth $633,333 per unit.

The property was listed by Pamela Franklin of Houlihan Lawrence who represented the seller, Rhode Island-based Greenwich Living LLC. The buyer, North Water Property LLC based out of New Jersey was procured by Matt Cawley of National Multifamily Corp.

“We are pleased to have procured the buyer for 180 North Water St. in Greenwich, Connecticut,” said Cawley. “He was in need of a 1031 replacement property and this fit perfectly into his portfolio in the surrounding area.”

An eight-unit mixed-use property at 3142 Fairfield Ave. in the Black Rock section of Bridgeport sold for $1.825 million, a $228,125 per unit transaction. This is the highest price per unit transaction for a multifamily or mixed-use property in Bridgeport’s real estate history, breaking the previous record of $202,985 per unit at the 67-unit 333 State St. in 2021.

The subject property is on a 0.18-acre site. The three-story 7,368-square-foot building was constructed in 1917 and is comprised of eight units divided into four two-bedroom apartments, one three-bedroom apartment, one large one-bedroom unit, and two ground-level retail stores.

The property last changed hands in October 2022, when it sold for $1.34 million. During the past year, the property has been significantly upgraded.

Matt Cawley, president of National Multifamily Corp., represented the seller, 3142 Fairfield Ave. LLC, and procured the buyer, an unnamed New Jersey investor.

“We are pleased to have represented the seller in the record-breaking sale of 3142 Fairfield Ave.,” said Cawley. “With multiple offers on the property in the first week, it shows that there is still a very strong demand for investment properties in both Bridgeport and Fairfield County as a whole. We expect the buyer to do tremendously well at the property as the Black Rock neighborhood continues to rise in popularity with its waterfront and restaurants.”

National Multifamily Corp. is one of the newer players in New York City metro area commercial real estate market. Headquartered in Rye Brook, New York, the company recently celebrated its first anniversary in business, promoting itself as “your go-to source for buying and selling multifamily and mixed-use properties in New York and Connecticut.”

Matt Cawley, National Multifamily’s founder and president, launched the company after working for roughly eight years as a commercial broker dealing with multifamily and mixed-use properties.

“I was working for a company that was Boston-based and I was the whole New York and Connecticut operations for them,” he recalled. “Geographically, we were very different – and it made sense to go off on my own at that time. It’s worked out very well ever since.”

Becoming an entrepreneur was a new experience for Cawley and he admitted the launch period “certainly had ups and downs to it.” But he acknowledged that having “a great client base and a great following to begin with” helped to make the switch to being his own boss so much easier to achieve.

“We broker any five-plus multifamily are mixed-use in Connecticut, or New York City and Westchester County and above,” he said about the properties in his focus. In this region, multifamily properties – either as a standalone apartment building or a mixed-use property with a ground-level retail capacity – are very popular.

“I’d say it is a seller’s market because of an extreme lack of inventory that’s on the market,” he continued. “Anything that is well priced goes immediately, often in all-cash deals – which was not the case in the preceding five years.”

However, elevated interest rates have resulted in some properties experiencing a dilution in value.

“On the flip side, it’s also a buyers’ market because they’re able to get buildings at a discount of what their peak was last year,” he said, adding the buyers in this market.

Unlike many brokers focused on Connecticut’s “Gold Coast” of wealthy towns along the shoreline, Cawley is striking his own gold in the state’s grittier urban markets including Bridgeport, New Britain and New Haven. From his experience, Cawley has plumbed investor interest in properties within these cities.

“Number one is they see the growth potential,” he said. “For example, Bridgeport is an area where I’ve been working for a very long time and I’ve seen those investments in the city itself just continue to grow, both in value and how the city is evolving and developing and building out the downtown.”

Cawley is planning to place a greater focus on Connecticut in the coming months – he’s already expanding to the center of the state with deals in the works within Hartford County.

“New York has a lot of legislative risk at the moment with the potential Good Cause Eviction bill that is currently in the state assembly,” he said. “And so, Connecticut is sort of a safe haven for a lot of New Yorkers to come to and seek out investments in property.”

An earlier version of this article appeared in the Westchester and Fairfield County Business Journal.