Rhodium Capital Advisors in partnership with Toronto-based Firm Capital Organization has paid $30.5 million for a 462-unit apartment portfolio in the Cambridge district of Bridgeport, Connecticut. 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 duo plans to spend $1 million on building-wide capital improvements and $1.6 million to upgrade and modernize the apartment units. Jeffrey Seidenfeld, Managing Director of Eastern Union Funding, arranged the debt financing for the acquisition, while Mark Belsky, Principal of Eastern Union Equity, served as equity investment advisor.
Daniel Shragaei, a managing principal at 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.”
