Manchester, CT Steve Pappas of the Hartford office of investment broker Chozick Realty Inc. has completed the sale of the Damato Enterprises Apartment portfolio by procuring the buyer for this 13 property transaction. These properties include 388 units, fetching a price of $46.56 million or $120,000 per unit. With an exceptional unit mix of predominantly townhouse style apartments, the portfolio consistently performed with an occupancy level at or close to 100 percent.
The Damato apartment communities were built by Raymond Damato who passed away in April of 2014. He managed the buildings with a true pride of ownership throughout his life and established a reputation of outstanding integrity within the community.
The properties were marketed by a long-time associate, Jim McCavanagh through a competitive sealed bid process which garnered interest from a significant number of regional investment groups.
“The incoming buyer plans to continue the high quality of operations previously done by Sonny,” said Pappas.
Chozick Realty represented the purchaser, Chester Homes LLC, a New York based investment group.