A partnership of local investors that includes an active real estate broker has acquired a 14-unit apartment complex in Connecticut’s northeast corner for $3.9 million.
A partnership of local investors that includes an active real estate broker has acquired a 14-unit apartment complex in Connecticut’s northeast corner for $3.9 million.
Lisa Cozzi, a team leader with Century 21 AllPoints Realty, partnered with Sandeep and Himani Juneja — a couple with a business office in Berlin — to purchase the Pinecrest Apartments at 23-36 Pinecrest Ridge in Woodstock.
The complex, built in 1987, consists of three townhouse-style buildings totaling 14 units. The property includes a three-unit, 3,270-square-foot building; a five-unit building spanning 4,409 square feet; and a six-unit building totaling 6,424 square feet. All three structures are two-story, wood-framed buildings with vinyl siding, situated on 5.5 acres.
Cozzi brokered the sale on behalf of the seller, Brooklyn-based Note Equities LLC, which is headed by Gershon Eichorn. Note Equities purchased the property for $2.6 million in late 2021.
The buyers, operating through Ekaa Homes LLC, financed the acquisition with a $2.9 million mortgage from Newtek Bank, according to land records.
Cozzi said she has worked with the same partners before to remodel and sell multiple single-family homes throughout Connecticut, as well as the purchase of a smaller multifamily property.
The Woodstock property, remodeled by the prior owner, was ready to rent without major additional work, which can help avoid unexpected repair costs, Cozzi said.
“All the heavy lifting was already done,” Cozzi said.
