Has anyone bought multifamily property in Connecticut lately?

3 Replies

I am curious if anyone on here has bought any 10+ unit multifamily property in Connecticut within the last few years. I am interested to know how it is progressing- good or bad. I’m in the NYC area and I’m relatively close to the market. Thanks!!

@Brian Keeler we have acquired more than 10 units in the last few years in Bridgeport.  Not a 10+ unit property, but multiple 4 - 6 unit multi families.  

It's been going well so far.  We have up months and down months, but overall we are continuing to invest in the area.

Originally posted by @Brian Keeler :
I am curious if anyone on here has bought any 10+ unit multifamily property in Connecticut within the last few years. I am interested to know how it is progressing- good or bad. I’m in the NYC area and I’m relatively close to the market. Thanks!!

 I have a buyer or two looking in that space, but haven't come across anything that fits the bill. We closed on a 5 unit in East Hartford a couple of months ago. 320 PP, $4600 gross rents with about a $400/ mo rent increase potential. 

The numbers still work in a few of the Hartford suburbs. 1.2-1.5% PP to Gross rents is not uncommon on the MLS. If you want a realtor or property manager's perspective, feel free to give me a shout!