February 02, 2021
Hartford, CT Steve Pappas of the Hartford offices of investment broker Chozick Realty Inc., has facilitated the sale of a 12 building, 496 unit apartment portfolio in Bristol, Connecticut. The properties predominantly built in the 1960’s and 1970’s range in size from 12 to 60 units and are in close proximity to each other. This $43.4M portfolio gives the buyer a significant presence in the Bristol market providing them a platform of growth in within the area.
At the time of sale, the properties had a long history of occupancy in the high 90 percent range. Although the properties are at or close to full occupancy, the purchaser of this portfolio plans cosmetic and common area, adding value to the assets.
Steve Pappas of Chozick Realty represented the Seller, Harvest Properties in this sale as well as procured the buyer, a New York based regional owner of similar properties. This is the second portfolio sale that Pappas has handled for Harvest with the first being a 441-unit, nine building portfolio sale in East Hartford that brought $27,500,000 in late 2018.