September 18, 2015
Farmington, CT Rick Chozick of the Hartford office of Chozick Realty, Inc., has arranged the sale of the Centennial Inn Apartments, located on Spring Ln. for $7.5 million.
Centennial Inn Apartments was originally built in 1987 as a 112 all-suites extended stay hotel. In 2010, 56 of the units were converted to full-time apartment use, while the remaining 56 units stayed under extended stay use.
Located at the junction of Rte. 6 and Spring Ln., the property is well located and proximate to major employers within the area. At the time of sale, the 56 apartment units were consistently at or close to 100% occupancy, with a waiting list.
Chozick Realty marketed the property for approximately three weeks with multiple competitive offers obtained. Chozick Realty represented the seller, Centennial Inns, Inc., as well as procuring the buyer Mystic Properties Management.