STORRS: The Millennial driven apartment boom and the growth of UCONN helped make the sale of Storrs Acquisition LLC’s five student apartment complexes surrounding the University of Connecticut’s main campus for $20.2 million to a [non-disclosed] private investor. The portfolio consists of 231 units with a mix of 95 one-bedroom and 136 two-bedroom apartments.
The properties include Knollwood Apartments, 101 S. Eagleville Road, 125 units; Oakwood Apartments, 114 S. Eagleville Road, 10 units; Clubhouse Apartments, 3 Clubhouse Circle, 44 units; Maplewood Apartments, 1 Carlton Road, 40 units; and Millbrook Apartments, 170 Spring Hill Road, 12 units.
Tom Boyle of the Hartford office of Chozick Realty, Inc. was the broker for the transaction and represented the seller and buyer.
In 2012 Boyle and Rick Chozick facilitated the sale of these properties to Storrs Acquisition LLC. Under the management of Herbert & Ari Berezin of Mount Holyoke Management LLC, the properties according to the Chozick’s announcement the properties “were re-positioned, units improved, rental rates increased and occupancy brought to 100%.” Chozick’s announcements added, “the add value strategy implemented by Mount Holyoke was instrumental in obtaining the sale price.”