February 14, 2008
David and Rick Chozick of Chozick Realty Inc., have facilitated the sale of the 33 building, Bally Realty portfolio located in Hartford, West Hartford and Newington Conn.
Bally Realty began accumulating its central Conn. portfolio during the early to mid 1990s with Chozick Realty representing Bally in 55% of its portfolio acquisition. The new owner plans to continue operations in the same fashion and has retained the majority of the Bally local management team.
The portfolio sale consisted of 24 multifamily buildings located in Hartford, West Hartford and New Britain containing a total of 870 apartment units and nine commercial properties with a total of 169,720 s/f of space and 71 self-storage units. The majority of the residential properties were constructed during the mid 1960s through the early 1970s and contained properties such as Boulevard West Apartments in Hartford’s West End. The commercial properties consist of 89,425 s/f of office, 58,410 s/f of retail and 21,885 s/f of industrial space.
The total transaction price was $64 million with Chozick Realty as the sole broker. The buyer is the Marks Group LLC, a regional investment firm.