A 7-acre Simsbury development site approved for 72 apartments in two buildings recently sold to a Minneapolis-based multifamily developer for $1.65 million.
A limited liability company tied to developer Tapestry Companies bought vacant land at 115 and 130 Casterbridge Crossing from Simsbury-based Dorset Crossing LLC in a deed recorded Aug. 10.
The properties are part of a larger master-plan multifamily development. They are adjacent to the 168-unit Pointe at Dorset Crossing, a recently finished complex.
Gregory Waiwer, director of Academic Co-Realty Services, of Guilford, was the listing broker. The properties purchased by the Tapestry-affiliated LLC are separated from Dorset Crossing by Braxton Brook. The buyer will carry the cost of extending a road and utilities across the stream, according to the brochure. The properties had been listed with a $2.17 million asking price.
Attempts to reach Tapestry were unsuccessful. On its website, Tapestry describes itself as an “integration” of real estate companies involved in the ownership, development and financing of senior housing and multifamily housing.
