A 496-unit Bristol apartment portfolio has sold for $43.4 million.
The deal included the sale of 12 apartment buildings, which contain between 12 and 60 units predominantly built in the 1960s and 1970s, according to Steve Pappas, a broker with Hartford-based Chozick Realty, who facilitated the deal.
The buyer was New York-based North Point Management Inc., a regional owner of similar properties that plans to make cosmetic improvements to the newly acquired apartments, Pappas said. The seller was Wethersfield-based Harvest Properties, which is controlled by Mark Paley, state records show.
At the time of sale, the properties had a history of occupancy in the high 90% range.
This is Harvest’s second major sell off in recent years. In late 2018 it sold a 441-unit, nine building portfolio sale in East Hartford for $27.5 million.
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