Republican farmer., 1920-01-23
BID OF $1,3OO,O0O ACQUIRED PROPERTY
 OF GREAT VALUE
INCLUDES BLACK ROCK APARTMENTS HOUSING 216 FAMILIES CONNECTICUT AVE, 1O8 AND
 CRANE DEVELOPMENT OF 257 FAMILIES

The Bridgeport Housing Company is the successful bidder for the apartments and group housing develop ment of the United States Housing Corporation in Bridgeport. This was an- nounced at Washington on Saturday afternoon, when Edmund s. Wolfe, president of the First-Bridgeport Ma tional bank, and hlso presi- dent of the Bridgeport Hous- ing Co.,, presented the bid of for these properties.
 The government in the negotiations
 was represented by Edward J. Mur- phy, local selling representative. The property was acquired for a bid of S1,300,000, and under the terms and | conditions which have been prescribed l by the government for the sale of it's properties here. The sale will bs l concluded as of February 1st, and the ! properties acquired are as follows: 1 Black Rock apartments, --4hfousing 216 families, Connectie1f avenue DeN- veIopment, accommodating 10S fam | flies. Crane Development of group 1 houses, accommodating 257 families.
 For sometime past Mir. Wolfe, president. of the Bridgeport Housing Co., and MT. w. H. Ham, it's local
 manager, have been investigating the igovernment properties which were or idered sold, and at a meeting of the directors of the Bridgeport Housing Co.,, held on last Thursday, the result of their investigation was presented to
 the board ,and it was unanimously
 decided that the bid which has been
 accepted should be made. The bid
 was imme ediately placed ip the hands 1 of the local government representa- 1 tive, and NIT. Wolfe, as president of
 the Bridgeport Housing Co.,, was in ] vited to appear before the board of directors of the U. S. Housing Co.,. on
 Saturday. There were other local syndicates, as well as several large real estate operators from out of , l town all interested in the sale, and the bid of the Bridgeport Housing Co. , | was such that the government irn- f n1ediately accepted it.
 r MT. Wolfe, in being interviewed on this subject today. authorized the : following statement: ''The Bridge port Housing Company feels very
 much gratified that it's bid is success l full and that the local department and t group housing properties of the gov - ernment, have been awarded to it. - The company was organized in 1918 " in order to provide housing facilities l for Bridgeport at moderate rental. ? This policy it has decided to continue 2 permanently, and the purchase of the : government properties means that the company is in business to stay and ] enlarge its activities We are con : vinced that Bridgeport is to grow = i enormously in the near future and the lack of housing facilities which
 has always characterized this city, should be corrected. To that end not only its present properties, but as far as possible, additional development will be had. and every effort made to , stabilize the local housing problem and the rent situation in the interest : : of the indiv dual. We understand i that other bidders for the property were interested in them from the = speculative standpoint, as much of lne pIOpSIl1SS 1HuANlQud1iV OTIered aI-
 l tractive possibilities in this respect This is not the intention of the f Bridgeport Housing Company, as we | feel that a good price was paid for = them, and they were bought solely to v hold in the interests of the local situ- s ation.''
 It is estimated that with the prop :, critics which the Bridgeport Housing O Company has now acquired, and the
 property already owned, a total of 73S
 families can be accommodated. The
 estimated total rental return of the T combined property is about s270 0OO = These figures indicate that the Bridge
 tport Housing Company is one of the
 largest owners and operators of real
 estate of this particular character in the whole of New England.
 The total properties of the Bridge
 port Housing Company are as follows:
 Park apartments, 39 apartments.
 Connecticut avenue, Development
 No l, 67 apartments.
 A LorGs;p Development, 1T houses
 Fairfield, g houses.
 F Black Rock apartments, 216 apart '. ments.
 d Connecticut avenue, Development V No. 2, 10S.
 : Grant Tract, 257.
 t Total, 736.
 a The Bridgeport Housing Go. was or ). ganized in March, 1918, and has as S directors representatives of every ac- = tivity in Bridgeport,-civic, profes- e sional, industrial, manufacturing and
 banking all being represented The
 paid in capital at this time is about , s500,000, whereas the total of the
 property under it's control is about
 S2,000,oo0. It maintains a complete
 organization for efficient operation of } it's properties, in each instance hay
 ing a field force to give direct atten-
 ton to it's tenants, as well as a high l. ly organized office staff. It was s never intended that the company l. should be operated for more than a e fair profit, its whole scheme bor-
 tdering closely to the cooperative
 ownership and management. The