A 20-unit multifamily property in the heart of Bristol, CT, within walking distance of Bristol Health Hospital and the redeveloping downtown corridor. The building, originally renovated in 2008-2009, features classic architecture with modernized interiors, including hardwood floors, mini-split HVAC systems, stainless steel appliances, and granite countertops.
Acquired 8/1/2023 for $2,958,500, the strategy focused on stabilizing operations, improving property management, and enhancing tenant retention. Key improvements included exterior painting, siding repairs, common area upgrades, HVAC system updates, and water tank replacements. By modernizing shared spaces and fostering a more structured living environment, the property has become a more attractive and professionally managed asset.
Bristol’s affordability compared to neighboring markets like Farmington and West Hartford provides a strong tenant base. The approach prioritized maintaining competitive yet accessible rents, increasing in-place rents from $1,200–$1,500 to $1,650–$1,950, while offering upgraded units that balance quality with value.
