The purchase price of $6,200,000 or $79,487 per unit is a record setting price for the Bristol multifamily market, according to Chozick. The purchase price represents the strength of the property, stated Chozick.
“The property experiences solid rental demand and strong rental rates with resident-paid utilities. Based upon its quality, location and condition, the sale was completed at a price providing an attractive investment return,” Chozick added.
Chozick Realty marketed Brookside Apartments on behalf of the seller; CT Bristol Limited. The purchaser, Bristol Brookside LLC was represented by Bartram & Cochran.
Brookside Apartments is a 78 unit apartment complex, built in 1961. In 2003 the property underwent extensive remodeling with renovation of all units and common areas, updated mechanical systems and new landscaping. The garden community offers an attractive residential unit mix of 12 one bedroom; 41 two bedroom and 25 three bedroom apartments, with unit sizes ranging from 750 to 1,350 square feet.
Located on Union Street, within a few blocks of Downtown Bristol and in close proximity to Route 72 and Interstate 84, Brookside Apartments draws residents from Bristol as well as the surrounding communities. The location, size and condition of the apartments as well as the recent property updates has kept the property at or close to 100 percent occupancy on a consistent basis, according to Chozick.