News: Front Section
Posted: April 19, 2019
Chozick and Pappas of Chozick Realty facilitate $7.5 million sale
East Hartford, CT Rick Chozick and Steve Pappas of Chozick Realty Inc., have facilitated the sale of 90 condominium units located within a 100-unit complex. The 90 units fetched a price of $7.5 million or $83,333 per unit.
Chozick Realty marketed the property on behalf of the seller who held their units under Eagle Capital Group LLC and F. Wild LLC as wells as procured the buyer, North Point Management.
“The property, known as Wickham Gardens, is located on 6.7 acres at 1267 Burnside Ave. at the Manchester town line. Built in the mid 1960s, the property was declared as condominium in 1988. Only a hand-full of units were sold at that time, leaving the property as a “fractured” condominium complex. The current seller acquired the property in the mid 1990s and had operated it for over 20 years,” said Pappas.
“Within 100 yards of the Manchester town line, a full interchange with I-84 and across the street from the Wickham Park, Wickham Gardens is in an ideal multifamily location which serves to keep the occupancy at or close to 100% on a consistent basis,” said Chozick.
The unit mix consists of 49 one bedroom and 41 two-bedroom apartments in seven building clusters.
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