Photo courtesy of Google Maps

Two new apartment buildings on the site of a former Bridgeport movie theater has traded hands.

An affiliate of prolific Norwalk developer Spinnaker Real Estate Partners sold Canfield Park at Fairfield Metro to a Delaware LLC with a post office box address near Manhattan’s Union Square according to a warranty deed filed with the Bridgeport town clerk’s office.

The LLC is managed by controlled by another Delaware entity, Canfield JV LLC, that doesn’t appear in the state’s corporation database. Marcus & Millichap, whose IPA Capital Markets arranged $110 million in joint venture equity and agency financing for the deal, described the buyer as “a new joint venture between an institutional investment management firm and a NYC-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast.”

On its LinkedIn page, Adirondack Capital Partners claimed credit for representing the buyer and seller in the deal.

Spinnaker built the Canfield Park development in Bridgeport’s Black Rock neighborhood, a stone’s throw from the Fairfield Metro station on the Metro-North train Line. The 300-unit, two-building development broke ground in 2020 and finished in 2022, city property records say.

“Our IPA Capital Markets team is excited to help expand the sponsorship team’s portfolio,” IPA Capital Markets’ Marko Kazanjian said in a statement. “From the moment the opportunity was presented to the capital partner, it was clear they understood the long-term value of the acquisition. The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process contributed to a successful execution for all parties.”