A New York-based investor has purchased 97 units in a 156-unit complex in East Hartford for $6.7 million.

Following the acquisition by Up Realty LLC, Chozick Realty brokered the sale of an additional 39 units from individual unit owners within Gateway Estates, bringing Up Realty’s total common ownership to 136 units in the complex, affording the company controlling and managing interest.

The three-building complex was constructed in two phases between 1969 and 1976. The initial 97 units purchased includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom apartments. Thirteen of the two-bedroom and all of the three-bedroom apartments were townhouse-style units of 1,340 square feet.

The purchaser plans on repositioning the property and remodeling the kitchen, bathroom and common area.

Rick Chozick and Steve Pappas of Chozick Realty represented the seller, 231 Ellington LLC, a regional multifamily investor, and procured the buyer.

Financing totaling $22 million was arranged through Eastern Union Funding in a multi purchase deal for 423 units.

The package, comprising three loans from Bankwell and three loans from Investors Bank, includes 136 fractured condos at Gateway Estates Condominiums and 103 fractured condos at Coachlight Village, both in East Hartford, as well as 90 additional apartments in Hartford, 60 apartments in Newington and 34 apartments in New Britain.

Eastern Union Senior Managing Director Motti Blau and Senior Underwriter Uri Shoshana acted on behalf of the buyer.

Editor’s Note: This article has been updated since it was originally published to clarify that the $6.7 million purchase price was for 97 units in Gateway Estates; the sale price of the additional 39 units was not disclosed.