June 20, 2013
Investment sales broker, Chozick Realty Inc., has completed the sale of Briarwood Hills Apartments, a 176-unit residential community. Rick Chozick, president of Chozick Realty’s Hartford office represented both the buyer and seller in this $14.4 million transaction.
Briarwood Hills Apartments offered an investment in a supply constrained market with opportunity for rental growth. According to Chozick there are only 549 non-age restricted rental units within North Haven which includes the 176 units at Briarwood Hills.
Constructed in 1970, Briarwood has a contemporary styling with loft units, vaulted ceilings with skylights and floor to ceiling windows. While the unit mix consists of all one-bedroom apartments, many of the units have dens and townhouse style loft rooms, providing additional living space. Amenities include a swimming pool with sun deck, fully equipped fitness center and private unit patio space.
Chozick Realty marketed the property utilizing a national marketing platform over a 35 day period, prior to the offer submission deadline. Chozick advised the seller, as well as procuring the buyer, Briarwood Hill LLC.