IPA Capital Markets, a division of Marcus & Millichap, recently 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 Black Rock neighborhood.
The IPA Capital Markets team based out of New York City – including Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh – worked together to secure agency financing on behalf of their client. This client is 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 immediately recognized the long-term value potential for this acquisition opportunity. He also noted that these newly constructed properties have an ideal location next to Fairfield-Black Rock train station which played a significant role in facilitating smooth agency financing process leading to successful execution for all parties involved.
This deal was reported by Connect CRE.
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