232-UNIT APARTMENT COMPLEX IN WATERBURY SELLS FOR $17M

WATERBURY, CONN. — Fairmount Heights Associates LP has sold Country Village Apartments, a 232-unit, HUD-subsidized property in Waterbury, for $17 million. Constructed in 1948, Country Village Apartments is situated on 30 acres and is one of the largest apartment complexes in Waterbury. Fairmount Heights purchased the property in January 1983. Steve Pappas of Chozick Realty represented Fairmount Heights Associates in the transaction. The buyer is Country Village Apartments LLC, which secured an additional $15 million in CHFA financing through tax credits for property renovations. The renovation plans include new kitchens, appliances, bathrooms, flooring, windows, doors, roofs, common areas, as well as improvements to the landscaping and playgrounds.