X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRIDGEPORT, CT-The 137-unit Tower II Apartments complex at 1491 Central Ave. here has been sold by AIMCO Properties of Denver to Fairfield Ventures of Bridgeport, a group of local investors.

The deal was reported by Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the transaction that closed with a 12 percent market capitalization rate. The sale price of $6.5 million equates to $47,445 per unit or $81 per sf for the property that features 79,902 rental sf of space.

Tower II Apartments is a HUD-subsidized property for low and moderate-income tenants. Mitchell R. Labar, senior vice president and managing director of Marcus & Millichap’s Northeast regional office, says the financing with the Connecticut Housing Finance Authority with HUD rental contract transactions took less than six months to close. Normally, a deal of this type would require one to two years to complete, he notes.

Paul Davis, of Marcus & Millichap’s Detroit office and Victor Nolletti and Steve Witten, with the firm’s New Haven, CT, office, had the exclusive listing to market the property for AIMCO Properties.

After a national marketing program secured buyer interest in the property, Dennis Behunick of Marcus & Millichap’s New York office secured and represented the buyer, Fairfield Ventures.

According to Davis, AIMCO sold Tower II Apartments to reduce the number of HUD properties in its portfolio. AIMCO currently owns and operates a portfolio of apartment communities through 19 regional operating centers. Through its subsidiaries, AIMCO has 1,790 properties, including approximately 318,000 apartment units with more than one million residents. The company’s properties are located in 47 states, the District of Columbia and Puerto Rico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.