Connecticut Community Trades for $107M

The property was completed last year.

Spinnaker Real Estate Partners has sold Canfield Park at Fairfield Metro, a 300-unit multifamily property in Bridgeport, Conn. for $107 million. The buyer was an undisclosed joint venture between an institutional investment manager and a New York City-based multifamily owner-operator.

The property includes a mix of 33 studios, 159 one- and 108 two bedroom units, with rents ranging from about $2,000 a month for a 548-square-foot studio to more than $3,160 a month for a 1,173-square-foot two-bedroom unit, with garage space available for an additional fee.

Canfield Park at Fairfield Metro consists of two buildings on about five acres. Construction was completed in 2023, and it is currently nearly 95 percent occupied, according to Yardi Matrix data.

Unit amenities include a washer/dryer, microwave oven, high ceilings and high-speed internet access. Common amenities include a fitness center, business center and clubhouse. The property has a pool, media room, standalone rental center and EV charging stations.

Residents are located nearby the Bridgeport Black Rock neighborhood’s local transit station. Situated at 306 Canfield Ave., Fairfield and Bridgeport downtowns are less than 3 miles away. Nearby Interstate 95 provides access throughout the larger Connecticut and New York areas.

Adirondack Capital Partners Managing Partner Michael Hunter Coghill represented both seller and buyer in the deal. An Institutional Property Advisors team including Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh arranged agency acquisition financing and joint venture equity for the deal.

Connecticut multifamily tightens

Bridgeport, in Fairfield County, is the largest city by population in Connecticut at about 148,100 and a popular suburb for commuters working in New York City. The Fairfield County apartment market has gotten tighter over the last year, with all classes recording vacancy declines of at least 50 basis points, bringing the overall rate to 4.9 percent in the second quarter 2024, according to a report by Marcus & Millichap.

Developers are responding: some 3.5 percent will be added to the county’s multifamily inventory this year. Over 850 units will be delivered in Stamford, with the cities of Bethel, Bridgeport, Danbury, and Norwalk each seeing over 150 new rental units added to their stock of apartments, Marcus & Millichap reports.

Investors have taken note as well. Bridgeport-Lower Stratford accounted for 65 percent of all investment sales in Fairfield County since the start of 2023, notes Marcus & Millichap. That is nearly twice as much as during the years from 2019 to 2022. The largest share of buyers are targeting Class C assets.

Earlier this month, IPA also brokered the sale of another community in Shelton, Conn., roughly 8 miles northeast of downtown Bridgeport. Beachwold Residential acquired Huntington Townhomes, a 99-unit asset. Inland Real Estate Group sold the property, while JLL issued a $29.5 million Freddie Mac loan set to mature in 2029, Yardi Matrix data shows.

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