December 16, 2016
Hartford, CT Tom Boyle of the Hartford office of Chozick Realty, Inc. has completed the sale of Storrs Acquisition LLC’s five student apartment complexes surrounding the University of Connecticut’s main campus. The portfolio consists of 231 units with a mix of 95 one-bedroom and 136 two-bedroom apartments.
In 2012 Boyle and Rick Chozick facilitated the sale of these properties to Storrs Acquisition LLC. Under the expert management of Herbert & Ari Berezin of Mount Holyoke Management LLC, the properties were repositioned, units improved, rental rates increased and occupancy brought to 100%. The add value strategy implemented by Mount Holyoke was instrumental in obtaining the sale price of $20.25 million, according to Boyle. Herb Berezin credited the joint venture financing provided by Westfield Bank of Westfield, Mass. and Peoples Bank of Holyoke, Mass., as instrumental in accomplishing the 2012 acquisition.
Chozick Realty Inc., represented the seller, as well as procured the purchaser.