A Massachusetts buyer recently paid $1.2 million for a 4.6-acre Simsbury property marketed as a development site that could yield about 72 multifamily housing units.
A Massachusetts buyer recently paid $1.2 million for a 4.6-acre Simsbury property marketed as a development site that could yield about 72 multifamily housing units.
Agawam, Mass.-based MJ Homes LLC bought the property at 40 Dorset Crossing from Dorset Crossing LLC, according to a deed recorded Jan. 12.
The site is part of a larger master-planned development area that also includes the 168-unit Pointe at Dorset Crossing apartment complex, which was completed in 2015.
The principal of the buying LLC is Vitaly Dzhenzherukha, of Agawam.
Gregory F. Walwater, of Guilford-based Academic Co-Realty Services, represented the seller and procured the buyer.
Walwater said the estimate of about 72 units is based on a master plan approved by town officials in 2021 and amended in 2023. The master plan requires 10% of units be reserved at affordable rental rates.
The new owner will still need to go through the town’s site plan approval process before construction can proceed, Walwater said.
Walwater said the property had been marketed for at least a couple of years, but developers often sought sites that could yield either a few dozen units or more than 100 apartments. The Simsbury parcel, falling between those thresholds, proved to be a tougher sell, he said.
He said the site benefited from a steady progression of development in the surrounding area in recent years, which helped boost its appeal.
