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| Taft Commons, 225 Taft Ave., Bridgeport, CT |
BRIDGEPORT, CT – Investment sales broker Northeast Private
Client Group has announced the sale of a student housing property at 225
Taft Avenue in Bridgeport, CT.
Edward Jordan,
JD, CCIM, the firm’s managing director, represented the seller, Redbrick
Partners of Washington, D.C. in the $2,650,000 transaction, which closed on
December 27.
The student housing
property, known as Taft Commons, comprises 20 townhouse style units in
an elevator building that has been leased to Sacred Heart University
(Fairfield, CT) since the mid-1990s.
The University recently signed a three-year lease extension through
2015.
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| Edward Jordan |
“Our recent sale of
Taft Commons sends a clear signal that the student housing market continues to
offer an attractive alternative to other asset types,” notes Jordan. “In this instance, the asset was master
leased to and managed by the University, minimizing the vacancy risk to the
investor as well as the expenses typically associated with management and
operations.”
The seller, a
Washington, D.C.- based REIT, originally acquired the property in a transaction
brokered by Jordan in March 2005. The
buyer, a New Jersey-based fund, purchased the Taft Commons property for a price
that equates to $132,500 per unit, or $24,090 per bed, a common indicator in
student housing.
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| Sacred Heart University, Fairfield, CT |
The sales price
represents a capitalization rate of 9.0 per cent on the current year’s net
operating income. The buyer was
represented in the transaction by Christopher Tichio of Alexander Summer
LLC.
“With a strong regional presence across Connecticut, New
York and Massachusetts, our investment sales team is well positioned to support
multifamily and commercial investors across an expanding range of asset types,”
Jordan explains.
Contact:
Rick Leonard
203.434.7734
rleonard81@gmail.com
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