June 16, 2017
New Britain, CT Steve Pappas of the Hartford office of investment broker Chozick Realty, Inc. has completed the sale of Central Townhouse and College West Apartments. The sale price was $4.48 million or $70,000 per unit for these two garden complexes sold in a single transaction.
Central Townhouse, located at 608 Allen Street, consists of 42 apartment units in four buildings on a 1.83-acre site. The unit mix of this complex offers 1 one-bedroom, 35 two-bedroom and 6 three-bedroom units. Many unit interior upgrades, including remodeled kitchens with cherry cabinets, granite countertops and renovated bathrooms have been made. Other recent improvements include new laundry rooms and new high efficiency central gas boilers.
College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two bedroom units of 900 s/f. Similarly to Central Townhouse, significant upgrades have occurred over the past few years including many remodeled kitchens and new central heating system.
“Chozick Realty marketed Central Townhouse & College West Apartments generating multiple competitive offers on behalf of the owner. The interest the brokers at Chozick Realty generated demonstrates the strength of the New Britain market and the strong rental upside through continued apartment renovations,” said Pappas.
Chozick Realty represented the seller, Allen Street Ventures LLC as well as procured the purchaser, Up Realty LLC, a New York based investment group.
This is the second time Pappas of Chozick Realty has facilitated the sale of Central Townhouse and College West Apartments since 2014.
Since 1967, Chozick Realty, Inc. has specialized in the brokerage of commercial and multifamily real estate.