August 19, 2016
New Britain, CT Rick Chozick and Steve Pappas of the Hartford office of Chozick Realty, Inc., have arranged the sale of the 72-unit Main Place Apartments, located on West Main St. Main Place closed at a price of $4.725 million.
Main Place apartments was constructed in 1969 and was owned and managed by the original developer’s company until the time of sale. Having been under one ownership since its development, the property was maintained and continuously updated with a pride of ownership. All apartments and common areas had been completely remodeled in recent years including new roofs and windows. According to Chozick, the property maintained an occupancy level of at or close to 100% on a consistent basis.
With 64 two-bedroom and 8 one-bedroom apartments, the complex has a superior unit mix that is in high demand from area residents. Pappas noted with this unit mix, property condition and solid operating history, Main Place is considered one of the leading apartment complexes in New Britain, as evidenced by the strong investor interest in this asset.
Chozick Realty actively marketed the property on behalf of the owner, Allen-Main LLC, for three weeks with multiple competitive offers obtained. The purchaser was 923 West Main St LLC.
Chozick Realty, Inc. specializes in the brokerage of commercial and multifamily real estate and has earned a reputation for professionalism and marketing achievements.