Milestone Apartments, located at 1793 Stratford Avenue in Bridgeport, sitting along the eastern corridor downtown was originally developed in 2015 by Bridgeport Neighborhoods Trust. This mixed-use property combines 30 apartments, with affordable rents ranging from 30% of the area median income (AMI) and up, with roughly 7,000 square feet of ground floor office space.
The Alliance for Community Empowerment currently occupies roughly 6,000 square feet of office space providing educational daycare services. Twenty of the apartments have project-based vouchers, and all of the units are designated for elderly tenants or those with disabilities.
On October 27, 2023, New Neighborhoods acquired 100% ownership of this property as part of a 176-unit portfolio acquisition from BNT. As part of this lengthy acquisition process, New Neighborhoods took over managing this property back in December of 2022.
Financing Sources of the Original Development:
- Connecticut Housing Finance Authority (CHFA) • Connecticut’s Department of Economic & Community Development • Wells Fargo • City of Bridgeport • Local Initiatives Support Corporation • The Connection