Bridegeport, Conn. — The investment property is leased to and managed by the university.
Bridgeport, Conn. — Redbrick Partners, a Washington, D.C.-based REIT, has sold a student housing community comprised of 20 townhomes near Sacred Heart University to a New Jersey-based fund for $2.7 million. Taft Commons has been leased to the university since the mid-1990s, and it recently signed a three-year lease extension through 2015.
Edward Jordan, managing director of Northeast Private Client Group, represented the seller. The buyer was represented by Christopher Tichio of Alexander Summer.
“Our recent sale of Taft Commons sends a clear signal that the student housing market continues to offer an attractive alternative to other asset types,” Jordan says. “In this instance, the asset was master leased to and managed by the university, minimizing the vacancy risk to the investor as well as the expenses typically associated with management and operations.”