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News: Front Section
Posted: December 1, 2017
Pappas of Chozick Realty brokers $6.75 million sale of 3 properties
Hartford, CT Steve Pappas of Chozick Realty Inc. has completed the sale of Mark Twain, Candlewood and Cardinal Hill Apartments. The sale price was $6.75 million for the three complexes.
Chozick Realty Inc.
Mark Twain Apartments, located at 367-381 Farmington Ave., consists of 65 apartment units adjacent to the historic Mark Twain House and also close to Aetna Insurance and the St. Francis Hospital complex. The unit mix consists of 6 studios, 43 one-bedroom, 15 two-bedroom and 1 three-bedroom unit. Mark Twain Apartments sold for $2.6 million or $40,000 per unit.
Candlewood Apartments, located at 123-131 Clinic Ave. in New Britain, consists of 40 apartment units on a 1.66-acre site. The apartments are all two bedroom units having resident paid utilities. Upgrades have occurred over the past few years including remodeled kitchens, baths and new roofs. The complex sold for $2.65 million or $66,250 per unit.
Cardinal Hill Apartments, located at 265 Kensington Ave. in New Britain, consists of 29 apartment units all having private balconies. The apartments are all large studio units having tenant paid utilities. Cardinal Hill Apartments sold for $1.5 million or $51,724 per unit.
Chozick Realty marketed the properties generating multiple competitive offers on behalf of the owners.
“The interest the brokers at Chozick Realty generated demonstrates the strength of the Hartford & New Britain markets and the strong rental upside through continued apartment renovations and unit reconfigurations,” said Pappas.
Chozick Realty represented the sellers in all three complexes as well as procured the purchaser, Up Realty LLC, a New York-based investment group.
This is the second time Chozick Realty has facilitated the sale of both Candlewood and Mark Twain Apartments.
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