Photo courtesy of Chozick Realty

A 29-unit apartment building in downtown Norwich has been sold by its lender.

The Thayer Building, located at 16 Franklin St., fetched $2.2 million.

Originally builtin 1915, the building was converted from office to residential in 2006, a process that added individual unit HVAC systems, separate utilities, new elevators and other building system modernizations.

Mortgage-buyer Fannie Mae had taken control of the property in January 2025, public records show. The buyer was a Connecticut LLC controlled by a Wyoming LLC whose address is shared by dozens of registered agents corporations.

Chozick Realty said it represented the owner and procured the buyer.

“This sale represents an excellent value-add opportunity in one of eastern Connecticut’s most dynamic growth corridors,” Rick Chozick, broker at Chozick Realty, said in a statement. “Norwich continues to benefit from the economic strength of nearby anchors such as Pfizer, General Dynamics Electric Boat, Mohegan Sun, and Foxwoods, and investor interest in well-located multifamily assets remains strong.”