Sale price was nearly 45% higher than the property’s 2021 acquisition cost.
A limited liability company controlled by Waterbury real estate investor Yitzchok Rabinowitz has sold a 186-unit apartment complex in Avon for $42 million, nearly 45% more than its purchase price five years ago.
Rabinowitz paid $29 million in 2021 for Avon Woods Apartments, a 186-unit, three-building complex on 46 acres at 64, 65 and 75 Avonwood Road.
According to deeds recorded May 22, Rabinowitz sold the 1977-vintage property to two Brooklyn-based limited liability companies affiliated with real estate investor Gershon Eichorn and attorney Neil H. Kupferman.
A separate deed recorded the same day transferred Kupferman's ownership interest to GAL Equities LLC, an entity controlled by Eichorn, making GAL Equities the sole owner of the property.
Land records show GAL Equities financed the acquisition with a $35 million mortgage from Centreville Bank, based in West Warwick, Rhode Island.
