Simsbury apartment community acquired for $48M

A 168-unit apartment community in Simsbury has sold for $48 million.

According to brokers involved in securing a loan for the purchase, The Pointe at Dorset Crossing Apartments, located at 55 Dorset Crossing Drive, was acquired by Beachwold Residential LLC, a New York-based real estate company that develops, buys and manages multifamily properties.

The deal closed Monday, land records show.  Beachwold Residential is controlled by Gideon Friedman, state business records show. 

The seller was Dorset Crossing Apartments LLC, which is controlled by Yechezkel Landau, who has a Lakewood, New Jersey business address, state records show. Landau bought the property in 2017 for $36.5 million, property records show.

Officials with CBRE said their Hartford team secured a long-term fixed-rate loan of $31.4 million for Beachwold through Freddie Mac.

According to CBRE, The Pointe is a low-density development with an average unit size of 992 square feet. Residents have access to a 24-hour fitness center, heated saltwater swimming pool, electronic bike-share program, clubhouse, on-site dog park, grills, electric vehicle charging station,  lounge and guest suite rentals.

Unit amenities include kitchen islands, granite countertops, stainless steel GE appliances, central air, washers and dryers, covered patios or balconies, electric fireplaces and walk-in showers, among numerous other features.

The community opened in 2015.

Beachwold owns and operates properties in New York, Connecticut, New Jersey, Virginia, Tennessee, Georgia, Florida and Texas.