January 20, 2017
Newington, CT Rick Chozick and Steve Pappas of the Hartford office of investment broker, Chozick Realty, Inc. have completed the sale of Stonegate Apartments for $6.85 million or $114,166 per unit.
With a unit mix of 20 one-bedroom and 40 two-bedroom apartments ranging from 950 sf to 1,043 s/f, the complex remained consistently 100% occupied while maintaining a waiting list.
Chozick Realty marketed Stonegate for under three weeks, generating multiple offers on behalf of the long term owner of the complex. Having been under such long-term ownership, the property was managed and maintained with an eye toward detail according to Chozick, from the apartments and common areas to the highly landscaped six acre site.
With the size and layout of the units, the purchaser plans cosmetic renovations to this 1971 property, including new kitchens, bathrooms, common area and amenities.
Chozick Realty represented the seller, Rowaban Holdings as well as procuring the purchaser, Ebben Realty, a New York based investment group.