Providence Realty Investment, LLC recently purchased a government subsidized housing portfolio in Rhode Island comprising of 9 properties totaling 708 units. PRI obtained Tax Exempt Bond Financed Mortgages and utilized Low Income Housing Tax Credits (LIHTC) to purchase this portfolio. 

The properties, located throughout Rhode Island are all within a 45 minute drive of each other within the Providence metropolitan area allowing for efficient management and operations. The communities are well maintained, enjoy an extremely stable tenant basis with very low turnover and are mostly age restricted. 

PRI has contracted Wingate Management Company, LLC to oversee property management of its MA and RI portfolios. Wingate has a great deal of experience successfully managing affordable housing complexes throughout the US.

Park Avenue Apartments

This three and four story complex is located near Roger Williams Park in Cranston, just a short walk from nearby stores and restaurants.  The 71-unit elderly affordable housing complex includes a community room, an on-site resident services coordinator, laundry facilities and more.  Public transportation and highways are easily accessible and Providence is only a five-minute drive from the community.

Indian Run Village

Located in Wakefield on nearly 7 acres of landscaped lawn, this 115 unit three story elderly affordable housing complex is just a short walk from several major shops.  Many onsite amenities are available including a community room, craft and lounge areas, as well as planned resident activities.

Metcalf I & II

Metcalf I is a two story 60 unit elderly affordable housing complex located in Providence on four acres of landscaped grounds.  Next door, Metcalf II features 52 units. Several amenities can be enjoyed at both complexes, including outdoor seating, a community room, lounge area and laundry facilities.  Public transportation is available, and the communities are located just two miles from downtown Providence.

Etta Apartments

Etta Apartments is a three-story 36 unit elderly affordable housing complex located in Providence in a beautifully landscaped area near Metcalf I and II.  The site provides residents with a lounge area, laundry facilities and resident activities.