March 20, 2020
Jordan Pinto of the investment brokerage Chozick Realty, Inc. has facilitated the sale of the Mountain Laurel Apartments. The sales price was $1 million or $55,556 per unit.
Mountain Laurel Apartments is comprised of 18 units within 4 buildings on an +/- 11.5 acre site in Northeastern Connecticut. The property is located off busy Route 6. While located in a semi-rural area, it is convenient to retail, employment and highway access.
All units are two bedrooms; 14 of which are townhouses. According to Jordan Pinto, the property has historically maintained very high occupancy in an area with limited options for apartment living. With limited housing and high barriers to entry, there is potential rental upside through cosmetic unit upgrades, added Pinto.
Chozick Realty represented the seller, Mt Laurel A, B, C, D Associates, and assisted in procuring the purchaser.