Middletown: The 81 unit Wilcox Apartments at 309 South Main street were sold for $7 million, $86,420 per unit. Rick Chozick and Steve Pappas of the Hartford office of investment broker, Chozick Realty, Inc. brokered the transaction.
Wilcox Apartments was constructed in 1989 within the Wilcox Crittenden & Co. factory. According to Chozick, “the company was a world renowned manufacturer of ship fittings dating back to the mid 1800s.”
The existing 1907 manufacturing building was gutted and renovated along with the addition of ground-up construction to create the 81 units. There are 11 different floor plans including flats, loft units and townhouse style apartments with vaulted ceilings and skylights.
Chozick Realty said demand was strong for the property, saying “it only [took] two weeks, generating multiple offers on behalf of owner, an institutional operator of apartments on a nationwide basis.” Chozick Realty represented the seller, Hamilton Point Wilcox Investors as well as procuring the purchaser, Up Realty, a New York based investment group.