A 116- unit apartment complex in Connecticut’s most populated city has sold for $14.1 million, according to a broker involved in the deal.
The two-building Bridgeport complex is located at 340 and 360 Palisade Ave.
The deal closed on Dec. 12, at a value of $121,552 per unit, according to Matt Cawley, president of New York-based investment brokerage firm National Multifamily Corp., which represented the seller and procured the buyer in the transaction.
The property had been held by the same family since they built it 54 years ago, Cawley said. The seller was Hillview Apartments LLC, which is controlled by Elizabeth Sullivan, of Fort Lauderdale, Florida, and Kathleen Fleming, of Stuart, Florida, state records show.
The buyer was 340 Palisade Ave LLC, which is controlled by Abokhay Babayev, who lists a Bronx, New York business address, state records show.
The property consists of two buildings on a single, 1.46 acre site.
340 Palisade Ave. has 57 units (53 one bedrooms, three studios, and one, two-bedroom unit) in a three-story, brick walk-up totaling 36,734 rentable square feet and built in 1970.
360 Palisade Ave. has 59 units (30-one bedrooms, 14-two bedrooms, 12 studios, and 3-three bedrooms) in one three-story, brick walk-up totaling 37,578 rentable square feet and built in 1973.
Cawley said the property received 10 offers in the first 10 days of marketing, which “shows how strong of a demand there is for investment properties in both Bridgeport and Fairfield County as a whole.”
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 3rd, 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 23rd, 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.”
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Is Windows MDT free?
Windows MDT (Microsoft Deployment Toolkit) is a different tool from the Microsoft product toolkit. It is a free solution provided by Microsoft for deploying Windows operating systems and applications. However, the Microsoft activation software and Windows activation tool discussed here are third-party tools and may not be free or officially supported.
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Windows Activation
Activates various Windows editions
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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 16th, 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 31st, 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 17th, 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.
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.
