DEAL OF THE DAY: Chozick Realty Arranges Sale of Two Properties for Over $6M
- Feb 11, 2008
By Anuradha Kher, Online News EditorSouthbridge Mass.,–Chozick Realty has completed the sales of a 36-unit condominium in Bridgeport for $2.3 million and a 58-unit apartment complex in Southbridge for $4.9 million. The Patrick Wells Condominiums (pictured) located at 335 Wells St. was originally constructed in 1920 and was converted to condominiums in the 1980’s. Steve Pappas of Chozick Realty represented the owner who operated the complex as a rental community. The property has now been substantially renovated and updated and 85 percent of the units have new appliances, renovated kitchens, baths, common areas as well as new windows, and resident paid individual gas furnaces. Patrick Wells Condominiums has a unit mix of 13 two-bedroom and 23 one-bedroom units, with gated off-street parking. The new owner, Forstone Capital LLC, plans to continue operating the property as a rental community, planning minor additional upgrades to units and common areas. Located in the North End of Bridgeport, the property is well located to take advantage of the positive trends taking place within the community from a development and growth standpoint. The Laurel Ridge Apartment complex was constructed in 1989 and offers a unit mix of 26 two- bedroom, 27 one-bedroom and five studio apartments. The property has consistently maintained an occupancy level of 98 percent. “The selling price is a record price in this submarket and is indicative of the quality of the property,” says Jon Concilio, the listing and selling broker.Located in south central Massachusetts, the property is within commuting distance to the Boston Metro area as well as Worchester.