Blue Vista Capital Management has partnered with Eastpointe again, this time acquiring a community in Cheshire, Conn. The seller of the 300-unit property could not immediately be learned.
The Class A community will offer studio and one-, two- and three-bedroom units spread throughout three- and four-story garden-style buildings. The community’s amenities will include a 7,500-square-foot clubhouse with a fitness center, seasonal swimming pool, outdoor dog park, guest suite and coworking spaces.
Located directly across from the Interstate 691 exit in Cheshire, the community will offer residents an approximately 20-minute commute to both New Haven and Hartford. With direct access to the I-691, residents can also easily connect to other Interstate Highways like the I-84 and I-91, both of which serve as major corridors to other New England cities.
Blue Vista and Eastpointe’s development will be part of Stone Bridge Crossing, a master-planned community that includes multifamily, senior housing, retail, restaurant and hotel uses as well as a gas station. The overall mixed-use development will also include The Reserve at Stone Bridge Crossing, a 140-unit development that is being developed by EG Homes.
Third Connecticut deal
For Blue Vista and Eastpointe, the Cheshire project represents the third time the partnership has invested in Connecticut’s multifamily market. Previously, the two firms worked on developing The Pointe at Dorset Crossing, a 168-unit market-rate community in Simsbury that was later sold in 2017, and The Preserve at Great Pond, a market-rate community located in Windsor.
Eastpointe has a strategy of developing market-rate multifamily rental properties in markets with high barriers to entry in the New York to Boston corridor. In June, Blue Vista acquired Keys at Wildwood, a 190-unit community in Oxford, Fla. that’s still being developed.
