Chozick Realty closes $15.625 million sale of 179-unit Stonegate Apartments

August 16, 2019 - Connecticut
Steve Pappas
Rick Chozick

Middletown, CT Rick Chozick and Steve Pappas of the Hartford offices of investment broker Chozick Realty Inc., have facilitated the sale of the 179-unit Stonegate Apartments. The property sold for $15.625 million.

Built in two phases between 1969 and 1971, the property is situated on over ten acres in a residential setting in the southern section of town and located at 1150 South Main St. 

“Stonegate Apartments has an ease of access to the town’s downtown commercial district and Connecticut Rte. 9, while still enjoying a country setting, making it an ideal multifamily community,” said Pappas. 

The unit sizes are among some of the largest in town according to Chozick and Pappas. The one-bedrooms range up to 990 s/f, while the two-bedrooms go to 1,254 s/f. The mix included 121 one-bedrooms and 58 two-bedrooms. Site amenities include a swimming pool with cabana, picnic and grill areas, walking paths and private balconies.

Chozick Realty represented the seller as well as procured the buyer, a regional owner of multifamily properties in the tri-state region.

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