October 14, 2016
Norwich, CT Rick Chozick, of the Hartford office of Chozick Realty, Inc., has arranged the sale of the 71 unit Stonington Estates Apartments, located on Stonington Rd. Stonington Estates closed at a price of $6.8 million or $95,775 per unit. Constructed in 2005 Stonington Estates is a class A apartment community located adjacent to the Preston town line and is within five miles of both Foxwoods and Mohegan Sun Resort Casinos. The property consists of all two bedroom apartments and full amenity package including tennis court and fitness center along with select units having vaulted ceilings and fireplaces the property maintained a consistent occupancy at or close to a 100% according to Chozick.
“As one of the newest entries into the local market, the building style, location and rental history resulted in a marketing period of three weeks with multiple competitive offers utilizing the Chozick Realty national marketing platform. The northeastern region of the state has seen strong rental demand driven by world class employers such as Pfizer Pharmaceuticals, General Dynamics and both casinos to name a few,” said Chozick.
Chozick Realty marketed the property on behalf of the owner, HPI Stonington LLC as well as procuring the buyer Trion Holdings.