Chozick Realty arranges $4.6 million sale of Garfield Avenue Apartments

New London, CT Chozick Realty, Inc. has brokered the $4.6 million sale of Garfield Avenue Apartments, a 38-unit multifamily property located at 143–153 Garfield Ave., reflecting a price of $121,052 per unit.

Comprised of two three-story brick buildings this complex contains all one-bedroom apartments, in a well-maintained property with continued upside potential for rental growth. 

The property’s location was a key driver of value, positioned near one of Southeastern Connecticut’s most significant employment centers, including General Dynamics Electric Boat, the U.S. Navy Submarine Base, the U.S. Coast Guard Academy, Lawrence + Memorial Hospital, Foxwoods Resort Casino, and Mohegan Sun.

“Garfield Avenue Apartments traded at the meeting point where stable occupancy, supply constrained rental market and regional employment growth come together,” said Jordan Pinto of Chozick Realty. “The depth of buyer interest reflected both the strength of the asset and confidence in the New London market.”

The city and the surrounding Groton submarket continue to benefit from sustained economic expansion, led by billions of dollars in federal defense investment and workforce growth at Electric Boat, which now employs approximately 24,000 workers with additional hiring planned. These fundamentals have increased investor demand for well-located multifamily properties and supported favorable pricing for sellers.