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Bristol Multifamily Portfolio Trades for $43M

January 29, 2021 | Reprints | Unlock Link | Print

Photo courtesy of Chozick Realty

A 12-building apartment portfolio in Bristol has sold for $43.4 million to a New York-based buyer.

The portfolio, which totals 496 units, chiefly contains properties built in the 1960s and 1970s ranging in size from 12 to 60 units and are near each other.

At time of sale, the properties were 90 percent leased and had been for some time. The purchaser plans cosmetic and common area improvements to add value to the properties.

Steve Pappas of Chozick Realty’s Hartford office represented the seller, Harvest Properties in this sale as well as procured the buyer, a New York based regional owner of similar properties which will now have a platform to expand in the Bristol area.

The sale marks Harvest’s second large portfolio sale in recent years. The company sold off 441 units in East Harford in 2018 for $27.5 million.