CHESHIRE — An apartment complex on Country Club Road and Stony Hill Road sold to a California investor late last month for nearly $2 million.
The property is one of fewer than a dozen large apartment buildings in town and one of only two that have sold in recent years according to Taylor Perun, a senior associate with Northeast Private Client Group which brokered the deal.
Cheshire renters tend to be very stable and move infrequently, leading to low vacancy rates.
“The demand for rental units in Cheshire is very strong,” Perun said.
Regency Court LLC sold the complex to Country Club Road LLC for $1.98 million. The buyer is a Los Angeles-based investor looking for passive income according to Perun.
The complex has 22 units, most of which are one-bedrooms that rent for about $1,000. There are also ten garage bays that are also rented. It was built in 1956.
Cheshire apartment buildings have high earning potential, Perun said, and sell infrequently. In the past six years, he’s been involved in only two sales.
“They tend to be legacy owners and they tend to hold on to them,” he said.
Jerry Sitko, the town’s economic development coordinator, said it’s “market-driven” whether Cheshire will have more rental housing.
He said the apartment building was “desirable” for an investor since there’s a limited number in town.
“There’s a demand for that kind of housing too,” Sitko said.