Washington Ave Portfolio

National Multifamily is pleased to have sold the Washington Avenue Portfolio, a 164-unit, four building multifamily portfolio located in Bridgeport, CT.

Property

The four contiguous properties total 164 units (43 Studios, 101 one-bedrooms, and 20 two-bedrooms) and sit just outside of Downtown Bridgeport.  The portfolio includes 265 Washington Avenue (70 Units), 223-237 Washington Avenue (35 Units), 205 Washington Avenue (35 Units), and 40 Sanford Place (24 Units).  All mechanicals have been updated over the past few years and the owner pays for heat and hot water across the portfolio through central gas boilers and hot water heaters.

Strategy

The owners reached out to Matt Cawley of National Multifamily to provide a Broker Opinion of Value on the portfolio.  Having closed nearly 1,000 units in Bridgeport alone, Matt and the National Multifamily team were able to provide accurate market information and a detailed analysis of the upcoming Bridgeport tax revaluation to present a target valuation millions above a recent direct offer.

Result

The property was listed on a Friday and the top two buyers in the area were brought in for tours on the following Monday leading to a bidding war between the two and raising the price slightly above the target expectation. The results of the successful deal included:

1) Two calls to top buyers, two tours, and a bidding war between the top groups to a closing price at 101% of the initial target level

2) The offer price was the closing price with no renegotiation

3) A financing process completed in tandem with the buyer’s bank to close within 90 days

4) The sale of the 164-unit portfolio correlated to a closing cap rate of 7.08% as of June 2026 and a projected 6.69% cap rate when factoring in the estimated increase in taxes as of July 1, 2026

5) The deal was completed entirely off market

Matt Cawley, Olivia Friedberg, and Michael Hewes of National Multifamily represented the seller and procured the buyer in the off-market transaction.  The deal closed on June 2nd, 2026. Contact Matt Cawley for a full setup at closing.