191 Oak St. Bridgeport

Shelton-based investment sales broker Northeast Private Client Group has arranged the sale of nine Bridgeport properties for a combined $11.7 million.

A private investor acquired 740 Ellsworth St. and 191 Oak St., containing 44 apartments, for $3.6 million from a Bridgeport-based owner-operator. The sales price equates to a 7 percent cap rate. 

East Main 503 LLC sold four properties containing 41 units on East Main Street to a private investor for $3.55 million, at a blended cap rate of 8 percent on current combined net operating income.

Bros Management LLC of Yonkers, New York sold a 32-unit building at 240 Oak St. to a private investor for $2.3 million, or a cap rate of 7.5 percent.

And Blue Garden Apartments LLC acquired 35 units in two buildings for $2.275 million, which equals a 7.3 percent blended cap rate.

“Bridgeport’s prime location as the next metropolitan city along the Connecticut coast after Stamford and Norwalk and the evolution of downtown Bridgeport and development along the waterfront at Steel Pointe contribute to Bridgeport being primed for sustained rent growth and rental demand,” Brad Balletto, vice president of investments at Northeast Private Client Group, said in a statement.