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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.

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

The Business Journals recently spoke with Matt Cawley, the National Multifamily’s founder and president, on his company’s niche within the regional real estate market.

Congratulations on your first year in business. What inspired you to create the company?

I had been commercial broker for multifamily and mixed-use properties for about eight years or so. I was working for a company that was Boston-based and I was the whole New York and Connecticut operations for them. 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.

What was it like starting your own company, particularly in this crowded market?

It certainly had ups and downs to it. I had a great client base and a great following to begin with, which made the transition as easy as possible. It’s certainly a very interesting market overall for commercial real estate with last year’s rising interest rates.

What do you look for in a property that you want to have under the National Multifamily banner?

Typically, it’s really about advising owners – it doesn’t really matter what the property is like. What we do is we broker any five-plus multifamily are mixed-use in Connecticut, or New York City and Westchester County and above. Those are the properties that we work on and the owners that we advise.

Is this a seller’s market for the multifamily properties?

A little bit, yes. I’d say it is a seller’s market because of an extreme lack of inventory that’s on the market. So, anything that is well priced goes immediately, often in all-cash deals – which was not the case in the preceding five years. On the other hand, we have seen values come down due to the rise of interest rates. So, 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.

And who are the buyers for these properties? Are they real estate investment trusts or individual investors?

Typically, they’re all individuals. We have a lot of great relationships with the people coming up from New York, and we can explain the differences between the two states. So, it’s a lot of individual investors, and I’d say mainly from New York City.

Across Connecticut, you are in urban markets including Bridgeport, New Britain and New Haven. At the risk of being rude, these aren’t the luxury markets that many people associate with Connecticut real estate, such as Greenwich or Westport. Are buyers interested in these urban markets?

Absolutely. Number one is they see the growth potential. 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.

Are you focusing on doing business in other states?

We’re primarily just in New York and Connecticut – those are the two that I’ve worked for the past decade and they’re the ones that we’re planning on only working for the foreseeable future. Down the line, we may help a client, let’s say, in a 1031. We are licensed in New Jersey, Massachusetts, Pennsylvania, Florida and Colorado. So, if someone is looking for a property to trade into down in Florida, we can really be a one stop shop for them.

What is the state of the 1031 market today?

There have been a lot of questions on what’s going to happen to the 1031 exchange on a national level – it comes up almost every election cycle. I don’t see it going anywhere – it really is something that helps commercial real estate overall, where a mom-and-pop owner can grow from a small building into a medium sized building for the first 1031 and then to a larger size building for the next 1031. It really helps clients and sellers that are on the mom-and-pop level create a portfolio and attain wealth for their families.

What’s on your agenda for the remainder of this year?

Advising sellers as much as we possibly can. Because of how turbulent this market really has been, we’re getting the word out by providing as much information as we can.

There’s going to be a big focus on Connecticut. 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. And so, Connecticut is sort of a safe haven for a lot of New Yorkers to come to and seek out investments in property.

Two multifamily buildings in New Britain have been sold for more than $1 million.

The deal recorded March 3 includes a six-unit apartment building at 666 East St., and a five-unit mixed-use property at 1480 Corbin Ave.

Both properties were sold by East Corbin Tropco LLC to New York-based affiliates of 666 East LLC and 1480 Corbin LLC and Myer Kahan of Tom’s River, N.J. for $1.06 million.

The East Street property has six, two-bedroom apartments totaling 5,445 square feet in a three-story walk-up built in 1924. The property had been updated in recent years with renovations completed to the residential units, common areas, mechanicals, driveway, and the addition of coin-op laundry in the basement.

The three-story Corbin Avenue property, built in 1925, has four, two-bedroom units and one retail space, totaling 7,320 square feet. The property was also heavily upgraded the past few years with renovations to the garages, mechanicals and apartments.

Mike Doherty and Ryan Deasy of Skytree Investments represented the seller, and Matt Cawley of National Multifamily procured the buyer.

The mixed-use property 1191-1209 East Main St. in Bridgeport was sold for $750,000.

The 9,760-square-foot property in the city’s East Side was built in 1920 on a 0.13-acre site and consists of five ground level retail units and five apartments above in a two-story walk-up. Matt Cawley, president of National Multifamily Corp., represented the seller, T&A Properties LLC, and procured the buyer, an unnamed New York City-based investor.

“We are pleased to have successfully sold 1191-1209 East Main St. for our client,” said Cawley. “The owner was looking to relocate at the start of 2023 to another state. We were able to procure an all-cash, as-is buyer and close the week leading up to the New Year aligning with our clients’ goals. The property will add nicely into the portfolio of the New York City investors who we have sold multiple properties to in Bridgeport the past few years.”

Bridgeport, CT: Matt Cawley, president of National Multifamily, completed his third investment sale this year totaling 29-units for more than $3.522 million.

• The mixed-use property located at 3142 Fairfield Ave., is an 8-unit built 1917. Situated on a 0.18 acre site the building consists of two retail units and six apartments. The property sold for $1.345 million on September 30, 2022. Armando Marchione and Michael Beaudry of eXp Commercial represented the seller with Matt Cawley of National Multifamily representing the buyer.

• The apartment located at 35 Butler Ave. is comprised of six 3-bedroom units totaling 5,820 s/f in one 3-story building built in 1920. The property was fully marketed with multiple offers over the initial asking price. The property sold for $885,000 on April 5, 2022. Cawley represented the seller and procured the buyer.

• The mixed-use property located at 1294 Stratford Ave. is a 15-unit built in 1925. Situated on a 0.23 acre site the building consists of six retail units with nine 1-bedroom apartments on the second floor. The property sold for $1,292,650 on March 31, 2022 in an all-cash transaction facilitated through a Ten-X auction. Cawley represented the seller and procured the buyer.

Cawley said, “Despite the quick rise in interest rates we continue to see strong demand for both multifamily and mixed-use properties all over Connecticut. We are very happy for all sellers and buyers in these transactions.”

The mixed-use property at 3142 Fairfield Ave. in Bridgeport has sold for $1.34 million.

The property was constructed in 1917 and consists of six apartments and two retail units in one three-story, 7,368-square-foot building on a 0.18-acre site in the Black Rock section of Bridgeport. The rear of the property has six off-street parking spaces.

Armando Marchione and Mike Beaudry of eXp Commercial represented the seller, Hugh Thresher, and Matt Cawley of National Multifamily represented the buyer, 3142 Fairfield Ave. LLC.

“Commercial real estate deals in the Black Rock neighborhood of Bridgeport are few and far between,” said Cawley. “We were happy to help guide our buyer who has an extensive real estate background in New York to complete his first commercial transaction in Connecticut. The listing brokers Armando Marchione and Mike Beaudry of eXp Commercial were a pleasure to work from start to finish throughout the transaction.”

Rye Brook-based National Multifamily Corp. has announced the completion of the sale of a 15-unit mixed-used lower Westchester portfolio under a 1031 exchange for $2.6 million.

The 15 unit free-market portfolio consists of two sites: 20 & 22 Mount Vernon Ave., a 10-unit property in Mount Vernon, and 186 Ashburton Ave. (pictured here), a five-unit property in Yonkers. All three properties have one retail on the ground level and apartments above.

Matt Cawley, president of National Multifamily, represented the seller, 1862022 LLC, and procured the buyer, 1020 60th Street LLC.

“We are pleased to have successfully sold the 15-unit Westchester County portfolio for our clients,” Cawley said. “We were able to procure multiple bids which led to a highly qualified local Yonkers-based group who was under a 1031 exchange being selected. Due to the drastic change in the debt market with the rise of interest rates, the deal was renegotiated to a higher price than was originally agreed to as the assumable debt that was part of the deal became more attractive. We were able to guide all parties to a successful assumption of the debt and we were able to close the deal for the buyers in a timely manner for their 1031 exchange.”

Rye Brook, NY: Matt Cawley of National Multifamily recently completed the sale of four free-market properties across two transactions in Westchester County.

A three-property portfolio located at 186 Ashburton Ave., Yonkers, and 20 & 22 Mount Vernon Ave., Mt Vernon, consists of 15 units (three retail and 12 apartments). All properties are free-market with one retail at each property and apartments above. The majority of the portfolio had tenant paid utilities. The property sold for $2.6 million on June 23, 2022. Cawley represented the seller and procured the buyer.

The apartments located at 35 High St., Rye, is comprised of five units totaling 3,390 rentable s/f in one 2.5 story building built in 1890. Situated on a 0.21 acre site there are eight off-street parking spaces, a laundry facility, and a common garden. The tenants pay for the heat and hot water at the property through individual gas boilers and hot water heaters. The property sold for $1.35 million on May 31, 2022. Cawley represented the seller.

Cawley, president of National Multifamily, said, “Despite the quick rise in interest rates we continue to see strong demand for both multifamily and mixed-use properties in Westchester County. We are very happy for all sellers and buyers in these transactions.”

The multifamily property at 35-37 High St. in Rye has sold for $1.35 million.

The property was built in 1890 and is situated on a 0.21-acre site. The property consists of five free market units – three two-bedroom and two one-bedroom apartments, and the site includes eight off-street parking spaces, a laundry facility and a common garden.

Matt Cawley, founder and president of National Multifamily Corp., represented the seller, RNJ Holding of Cortlandt Manor LLC; an unnamed Westchester-based investor acquired the property.

“We had multiple bids on the property, which was fully marketed,” said Cawley. “The property will add nicely into the portfolio of the Westchester County investor who won the bidding.”