IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $110 million in joint venture equity and agency financing for the acquisition of Canfield Park at Fairfield Metro. This multifamily property is located in Bridgeport, CT and consists of two adjacent buildings with a total of 300 units. The properties were built in 2023 and are situated at 306 Canfield Ave., conveniently near the local transit station in Bridgeport’s desirable Black Rock neighborhood.
The team responsible for this successful transaction includes Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh from IPA Capital Markets’ New York office. They worked on behalf of their client – a new joint venture between an institutional investment management firm and a NYC-based multifamily owner/operator focused on acquiring value-add apartment assets throughout the Northeast region.
Kazanjian stated that their capital partner recognized the long-term potential value offered by this opportunity from its initial presentation. He also highlighted how both newly-built properties’ prime location next to Fairfield-Black Rock train station played an essential role in securing smooth agency financing process resulting in successful execution for all parties involved.
This deal was recently announced by Connect CRE.
