Cullen of Chozick Realty closes sale of 38-unit apartment portfolio

Hartford, CT Tess Cullen of Chozick Realty has facilitated a 38-unit, two building sale in the West End and Asylum Hill neighborhoods of the city. Closing at a sales price of $3.325 million, ($87,500 per unit) this sale represents a closing at the upper range of price per unit in the city over the past year.   

The two 19-unit buildings are located just a short distance from each other at 4 Atwood St. and 37 Kenyon St. The seller over a period of the past four years had substantially renovated the buildings, remodeling apartments with new kitchens, bathrooms, lighting, and other interior finishes as well as common areas, creating a truly turnkey investment for the purchaser. Not only did the high-end renovations bring top of the market rents for the area but assures a very low turnover according to Cullen.

This two-property portfolio was marketed for less than 10 days before Cullen procured the buyer, who in turn closed in less than 60 days.