Lyman Real Estate handles sale of 27 acres at 97 Preston Rd. for $1.35 million to Dakota Partners, Inc.

Griswold, CT According to Ron Lyman, CCIM, CEO of Lyman Real Estate, 27 acres at 97 Preston Rd. has sold. The land sold for a planned development of 144 apartments, of which more than 75% will be affordable units. The property was bought by Dakota Partners, Inc., Waltham, Mass., from Omega Healthcare, with Lyman as sole broker on the transaction. Sale price was $1.35 million.

The property has more than a half mile of frontage on I-395 between the Quinebaug River and Preston Rd. 

Steve Kominski, Dakota’s vice president of acquisitions & development, said, “There will be 144 rental apartments, 72 to be built in the first phase, and 72 in the second. The development includes two three-story garden apartment style buildings, with efficiency, one- and two-bedroom units, plus a community building.”

The project was permitted under CT’s 8-30g affordable housing statute, with the buyers financing through the CT Department of Housing, CT Housing Finance Authority (CHFA), and conventional financing. 

Construction of the 72-unit first phase is scheduled to begin in the spring of 2020 and be completed in the summer of 2021.