PROVIDENCE, RI-Rhode Island Homes, an affiliate of Providence Realty Investment, is buying a 10-property portfolio from entities of Cumberland, ME-based SHP Acquisitions, LLC. The 10-property portfolio is all Section 8 affordable housing and is selling for a total of $54.8 million.
Nine of the communities are affordable and range across Rhode Island. Subject to Section 8 HAP, the affordable classification was extended another 20 years by the purchased. The buyer used 4.0% Low Income Housing Tax Credits and tax exempt bond financing through RI Housing for the purchase.
The properties are: Metcalf Courts I & II, 555 & 557 Veazie St., Providence, RI; Etta Apartments 70 Wild St., Providence, RI; Chateau Clare Apartments, 16 Green St., Woonsocket, RI; Bear Hill Village, 156 Bear Hill Rd., Cumberland, RI; Gatewood Apartments, 403 Mendon Rd., North Smithfield, RI; Indian Run Village Apartments, 681 Kingstown Rd., Wakefield, RI; Hardig Brook Village, 331 Centerville Rd., Warwick, RI; and 315 Park Avenue Apartments, 315 Park Ave., Cranston, RI. Cushman and Wakefiled’s Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller exclusively and procured the buyer.
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