News: Front Section
Posted: March 23, 2018
Chozick Realty closes 455-unit Tree Group Portfolio for $48.25m
Hartford, CT Rick Chozick and Steve Pappas of Chozick Realty Inc., have facilitated the sale of the 455 apartment unit, Tree Group Portfolio. The property portfolio consists of Peppertree Apartments, 204 units in Groton; Silvertree Apartments, 180 units in Wallingford and three complexes in New London, known as Harbortree Apartments.
Both Peppertree and Silvertree Apartments were constructed by the seller in 1975 and 1985 respectively, while the Harbortree properties were acquired by the seller over a period of years.
All of the properties are well located, according to Chozick.
In Groton and New London, where Peppertree and Harbortree are located, industry is booming with General Dynamics, Electric Boat division having brought on an additional 2,000 employees over the past year as they ramp up for production of the Columbia Class nuclear submarine. The Columbia program is a multi-decade project that will bring thousands of additional jobs to southeastern Connecticut not only at the shipyard but also to area vendors and parts suppliers.
Silvertree Apartments are located off the Merritt Parkway in Wallingford making for an easy access to both the New Haven and Hartford metro areas.
The properties in this portfolio have full amenity packages including swimming pools, tennis courts, fitness centers, community rooms, walking trails and picnic areas.
The properties were well maintained with a pride of ownership by their longtime owner/manager, The Tree Group with an operating history at or close to 100% occupancy on a consistent basis.
Chozick Realty represented the seller in this transaction as well as procuring the buyer.
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