(To read more on the multifamily market, click here.)
MIDDLETOWN, RI-A $15.5-million offer from a local buyer putabout 15 other bidders out of the running for a 238-unit AquidneckIsland apartment complex that once served as housing for Navyfamilies. Landings Real Estate Group, of Newport, which purchasedthe Anchorage Apartments from Northeast Housing LLC, will give theproperty a new name and a $4-million makeover as it prepares toturn the rental units into affordable condos.
"Over the long term, Landings Group will invest $25 million,initially with a $4-million investment to get the propertystabilized," Dave Forrest, with GMH Capital Partners' InvestmentServices Division, of Newtown Square, PA, tells GlobeSt.com.
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