April 21, 2017
Bristol, CT Rick Chozick and Steve Pappas of the Hartford office of investment broker, Chozick Realty, Inc. have completed the sale of Brookside Apartments. The sale price was $7 million or $89,743 per unit for this 78-unit garden complex.
Brookside Apartments was constructed in 1961 and completely renovated in 2003. At that time all apartments were remodeled, new roofs, windows and heating systems installed and grounds landscaped. With a unit mix of 12 one-bedroom; 41 two-bedroom and 25 three-bedroom apartments, of which 14 are townhouse style, the complex is in high rental demand, maintaining a strong rental history with upside growth. Located at 111-159 Union St., the property is located in a residential area, while being walking distance to Bristol’s town center.
Chozick Realty marketed Brookside Apartments for only three weeks, generating multiple offers on behalf of owner. The interest the brokers at Chozick Realty generated in such a short time demonstrates the strength of the Bristol market and the strong operating fundamentals of the property added Steve Pappas.
Chozick Realty represented the seller, Bristol Brookside LLC as well as procuring the purchaser, Up Realty, a New York based investment group.
This is the second time Chozick Realty has facilitated the sale of Brookside Apartments since 2010.