Rhodium Capital Advisors today announced the acquisition of 462 apartment units in the Cambridge district of Bridgeport, Connecticut for $30.5 million. The portfolio consists of one 179-unit complex and thirteen buildings (clustered in four areas around the city) with an average of 22 units each.
The properties are located at: 2209-2225 Main St., 1465 East Main St., 340 Putnam St., 299 Berkshire Ave., 644-654 Park St., 30 Granfield Ave., 80 Granfield Ave., 85 Price St., 1575 Iranistan Ave., 898-930 Norman St., 1421 Fairfield Ave., 850 Hancock Ave., 1054 Hancock Ave. and 1590 Barnum Ave.
Rhodium’s business plan for the portfolio involves spending approximately $1 million on building-wide capital improvements and $1.6 million to upgrade and modernize the apartment units.
For this transaction, Rhodium partnered again with the Firm Capital Organization, a Toronto-based boutique real estate private equity firm and alternative credit provider. As with the partnership’s December 2016 acquisition of 127 apartment units in NYC, this transaction continues Firm Capital’s strategy of investing in undervalued multi-family assets in emerging neighborhoods in and around major metropolitan areas.
Eli Dadouch, CEO of Firm Capital stated “We are pleased to once again partner with Rhodium, a premium value add property owner and manager. This acquisition demonstrates our partners ability to source long term value add investments.”
Daniel Shragaei, a Managing Principal of Rhodium, said, “This acquisition represents the latest implementation of Rhodium’s geographical diversification program with a substantial acquisition in Fairfield County, CT. We are excited about the growth in the area, as well as the prospects of great value enhancement for our portfolio. We fully expect that our tenants, partners, and lenders will quickly see the benefits of Rhodium’s business plan and expertise.”
Jeffrey Seidenfeld, Managing Director of Eastern Union Funding, arranged the debt financing for the acquisition, and Mark Belsky, Principal of Eastern Union Equity, served as equity investment advisor.
About Rhodium Capital Advisors
Rhodium Capital Advisors is a fully integrated real estate investment firm that focuses on value-add opportunities in the multi-family and office sectors. In the New York City metropolitan area, we acquire and operate urban multi-family assets and suburban office assets. Nationally, we invest in suburban, garden-style apartment communities in select markets. We seek to balance current income and long-term capital appreciation. Since launching in 2012, Rhodium has acquired over $500 million of real estate, in partnership with a network of private investors and institutional capital sources. For more information, visit http://www.rhodiumre.com.
About Firm Capital
Since 1988, through its various affiliates, Firm Capital operates as an alternative credit and real estate private equity firm focused on conventional and tactical debt and equity investments in the private and public markets. For more information visit http://www.FirmCapital.com.