Published online Jan 7, 2011

R.I. apartments sell for $54M By Chris Barrett
PBN Staff Writer
Twitter: @Cbarrettri

PROVIDENCE – A portfolio of nine apartment buildings in Rhode Island sold in December for $54.8 million, the broker announced last month.

Real estate firm Cushman & Wakefield said that SHP Acquisitions LLC sold the SHP Rhode Island Portfolio to Rhode Island Homes LLC, an affiliate Providence Realty Investment. The portfolio encompasses nine affordable apartment communities totaling 708 units.

Cushman & Wakefield said the purchase represented the “strategic entry” of Providence-based Rhode Island Homes into the local multifamily market. This purchased follows the company’s recent closing of a 931-unit affordable portfolio in Massachusetts.

“The SHP Rhode Island Portfolio offered Rhode Island Homes critical mass and a long-term investment opportunity that will simultaneously preserve much needed affordable housing,” a news release said.

Properties included in the sale were Metcalf Courts I and II, Etta Apartments in Providence, along with the Chateau Clare Apartments in Woonsocket, the Bear Hill Village in Cumberland, the Gatewood Apartments in North Smithfield, the Indian Run Village Apartments in South Kingstown, the Hardig Brook Village in Warwick and the 315 Park Avenue Apartments in Cranston.