Press Release

June 25, 2025

Hartford, CT – June 2025 — Chozick Realty, Inc. is pleased to announce the sale of Prospect Apartments, a 21-unit multifamily investment property located at 44-46 Prospect Avenue in Hartford, Connecticut. The property sold for $1,900,000 or $90,476 per unit.

Built in 1964 and located directly at the West Hartford town line the property has been meticulously maintained by long-term ownership with a historical occupancy level at or close to 100%.

The offering attracted significant investor interest due to its stable occupancy, in-place cap rate of 7.73%, and the potential for upside through unit renovations and rent increases. With rents below current market levels, buyers identified the opportunity to enhance value through interior upgrades.   With many long term residents,  closing the loss-to-lease gap, the cap rate improves to 9.07% noted Jordan Pinto.

“This transaction exemplifies the strong investor demand for well-maintained, value-add multifamily assets in the Greater Hartford region,” said Rick Chozick. “The property’s location on the West Hartford line and its stable tenancy made it a standout opportunity for long-term investment.”

Chozick Realty has been exclusively representing multifamily property owners and investors throughout Connecticut and Western Massachusetts since 1967. The firm continues to close significant transactions across the region, reflecting its deep market expertise and long-standing industry relationships.