A New York-based real estate investor with a growing portfolio in and around Hartford just paid $3.4 million for three adjacent north Hartford apartment buildings containing a total of 42 units.
A limited liability company controlled by 36-year-old Shlomo “Sam” Sarot, of Woodmere, New York, bought the three-story, brick buildings at 115, 119 and 123 Blue Hills Ave., from two limited liability companies controlled by Elir Bici, of Glastonbury, and Elvis Bici, of Coventry.
Two of the buildings date to 1930, the third to 1930, according to assessor records.
Sarot, who owns about 250 rental units across Connecticut, said the Bici’s had renovated about half of the apartments in recent years. He said the buildings are well maintained and sit near schools.
Sarot said other investors might shy away from the lower income north end of Hartford, but he sees opportunities with a stable base of good renters already in the buildings.
“I believe in the market,” Sarot said. “It’s quiet and secure. We have a high school and a middle school on that block.”
The Bici’s made about $500,000 in repairs and upgrades to the century-old apartment buildings over the past two years, including a replacement of one building’s roof, Sarot said, noting he plans to make additional renovations to common areas in the short term.
Earlier this year, Sarot closed a $3.97-million purchase of a 28-unit apartment building with first-floor retail space at 385 Main St., in Hartford. The 160-year-old building had once been a hotel.
Sarot said he is working on additional purchases in Hartford, including some potential deals with partners that would include larger acquisitions and office-to-apartment conversions.
