The developer of a planned 272-unit residential development off Cedar Street in Milford has sold the site for $5.5 million.
The Residences at Stone Ridge at 200-300 Deer St. won permitting approval from the town of Milford in September 2018, with apartments planned in three five-story buildings. One out of four units at the complex are committed to those earning 80% or less of the area median income.
Plans also call in a later phase for 385,000 square feet of office space in two buildings at the rear of the site, which sits just off I-495.
Arthur Gutierrez and Gloria Gutierrez, the president and executive vice president, respectively, of the developer, Gutierrez Co. of Burlington, sold the site for $5.5 million, along with Cedar Street Realty Trust, which is registered to Joanne and Martin Maketansky of Sturbridge.
The buyer is Fairfield Residential, a San Diego firm with more than 40,000 residential units nationwide in its portfolio, including the Talia Apartments in Marlborough. The deal closed Nov. 7.
