CHICAGO–(BUSINESS WIRE)–Blue Vista Capital Management today 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.
ABOUT BLUE VISTA
Blue Vista is a Chicago-based investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $13.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.
ABOUT EASTPOINTE
Eastpointe is an accomplished residential development company based in Fairfield County Connecticut. Its core focus lies in the creation of market rate multifamily properties in challenging, high barrier to entry markets, with a particular emphasis on suburban communities situated along the New York to Boston corridor, with significant experience in the state of Connecticut. Eastpointe actively identifies, acquires, and secures entitlements for its projects in communities where market fundamentals are favorable to multifamily rental developments. Notably, Eastpointe’s rental communities have received prestigious awards from the CT Apartment Association (CTAA) affirming its dedication and commitment to excellence. For more additional information, please visit eastpointellc.com
