A husband-and-wife team of entrepreneurs from Farmington paid $1.2 million Wednesday for a 47.3-acre property straddling the Manchester/East Hartford border, with plans for a large-scale residential development.
Viswanatha Nayunipati and his wife, Radhika Nagineni, plan to build a large-scale multifamily residential development on the wooded property. It was purchased from Ruth Stanford, Charles Glode, Raymond Glode, Steven Glode and Joyce Glode.
Nayunipati, on Wednesday, said he is working with local officials to develop plans that best fit the site and community, but expects to build hundreds of units.
Those could be townhouses or apartments, he said.
Most would be market rate, and some would be developed as affordable, he said.
“We will definitely build a nice community there,” Nayunipati said.
Farmington-based Amodio and Co. Real Estate brokered both sides of the sale.
Nayunipati is the founder, and his wife is an executive, of Farmington-based Niktor LLC, a company that provides computer and internet services and staffing. Nayunipati said his company employs about 400, most of whom are embedded in client companies.
The limited liability company used for Wednesday’s purchase – Saina Homes LLC – is headquartered at the same Farmington address as Niktor.
The properties sold Wednesday include about 28.5 acres in East Hartford at 90 Long Hill Road and 1152 Tolland St. The balance of the acreage is in Manchester, at 1769 Tolland Turnpike, 104 Glode Lane and 104-A Glode Lane.
Nayunipati and Nagineni have real estate experience. They rent single-family and multifamily properties in Farmington, Bristol, East Hartford, Vernon and New Britain. They are also building offices and condos in Austin, Texas and Charlotte, North Carolina.
“I am building in Charlotte and Austin, why not in my own hometown?” Nayunipati said of his plans.
Broker Eric Amodio said there had been various expressions of interest for the properties during the year they were on the market, but Nayunipati and Nagineni were the ones who “pulled the trigger.” He said market jitters probably extended the listing period.
Nayunipati said he expects to begin building as soon as a project is permitted. That could mean starting in one town and then extending into the other, depending on the permits scheduling.
East Hartford Town Planner Carlene Shaw said the site had previously been approved for a roughly 60-house development restricted to seniors, but that plan has since expired. She confirmed planning staff are working with the new owners to develop a plan.
“We are really excited to see what they come up with,” Shaw said. “This is one of the only vacant parcels we have left that is developable.”
