CHESHIRE, CT - Blue Vista Capital Management announced the close of its acquisition of a 300-unit Class-A multifamily development in Cheshire, Connecticut. The acquisition was made in partnership with Eastpointe LLC.
The newly acquired development project will be comprised of eight 3-story and one 4-story garden style apartment buildings. The buildings will offer a range of studio, one, two and three-bedroom options to prospective residents. In addition to the living spaces, the development will feature a 7,500 sf clubhouse with a fitness center, seasonal swimming pool, co-working spaces, an outdoor dog park and a guest suite.
Moreover, the location of the development provides easy commuting between New Haven, Hartford and Fairfield Counties. The development is part of Stone Bridge Crossing, a new master-planned community which will include for sale townhomes, a retail center hosting national and local retailers, senior housing, restaurants, a hotel, and a gas station.
“This acquisition reflects Blue Vista’s proven strategy of developing high-quality multifamily in undersupplied markets backed by strong demand drivers,” said Brandon Goetzman, Managing Principal and Co-Head of Equity Group at Blue Vista. “We are pleased to further our partnership with Eastpointe to deliver modern, large-scale apartments to Cheshire’s growing and highly affluent population.”
“We are pleased to partner with Eastpointe for the third time to deliver a top-tier residential option in Chesire and look forward to continuing to identify value-add multifamily opportunities across the Connecticut market and beyond,” said Alexa Weston-Shanahan, Vice President at Blue Vista.
The acquisition represents Blue Vista and Eastpointe’s third multifamily investment in Connecticut following the development of The Pointe at Dorset Crossing in Simsbury and The Preserve at Great Pond in Windsor.