Hartford, CT Jordan Pinto of Chozick Realty Inc., arranged the sale of a seven building apartment portfolio located in the South End neighborhood of the city. This mixed-use apartment/retail portfolio sold for $3.5 million or $77,778 per unit.
The seven properties were all constructed in the 1920s and located on the main arterial routes through the South End of the city, Maple Ave., Franklin Ave. and Whitmore St. With a total of 47 apartments and three ground floor commercial spaces the property was marketed by Pinto for under a week prior to procuring a buyer.
This portfolio was under the same ownership for decades, prior to sale. While well managed and operated, the new owners plan property improvement, including in-unit upgrades to kitchens and bathrooms to maximize the upside potential of the properties. With predominantly large two-bedroom apartments, these renovated apartments will be in high rental demand according to Pinto.
Chozick Realty represented the seller in this transaction as well as procuring the buyer.