Bridgeport Apartment Complex Sells for $2.475M

BRIDGEPORT, CT-Marcus & Millichap Investment Real Estate Services reports that it has brokered the $2,475,000 sale of the Bridgeport Commons Apartment complex here.

The New Haven-based brokerage firm represented the seller Lennar Partners Inc., which represented LaSalle National Bank Association. LaSalle National Bank Association had acquired the 86-unit market rate rental complex in foreclosure proceedings. The buyer was Bridgeport Commons, LLC, a local real estate investment group that owns other rental apartment communities in the region, according to Marcus & Millichap officials. The firm also handled the sale for the buyer as well.

Gary Witten, Victor Nolletti and Steve Witten of Marcus & Millichap Investment Real Estate Services worked on the deal, which closed on Friday, Sept. 20. People’s Bank, based in Bridgeport, provided the financing for the transaction.

Bridgeport Commons consists of 1525 and 1535 Central Ave. in Bridgeport, nearby Bridgeport Hospital.

The entire complex features eight studio units, 74, one-bedroom and four, two-bedroom units. The property has undergone significant renovations and upgrades including new appliances, carpet, windows, cabinets and roofs.

The 1525 Central Ave. property, built in 1968, features 36 one-bedroom units. The 1535 Central Ave. building, constructed in 1972, consists of 50 units: eight studios, 17, one-bedroom units, 21 large one-bedroom with dining room units and four large two-bedroom apartments.

Both buildings have on-site laundry facilities and off-street parking in an open carport below each building.

Steve Witten said the new owner plans to institute capital upgrades to the property in the near future.