Gaia Pays $55M for Two East Providence Multifamily Communities
Gaia Real Estate has purchased two East Providence multifamily communities and 20 acres of undeveloped land for $55 million or $115,000 per unit, the Providence Business News reports. CBRE/New England, a joint venture of CBRE Group Inc. and Whittier Partners Group, represented the buyer in the transaction and procured financing.
Located in the Riverside neighborhood, the two properties, Winchester Park and Winchester Wood, offer 478 units distributed among 79 two- and three-story townhouse buildings. Winchester Park was built between 1971 and 1974 and renovated in 2000. It encompasses 416 units and 63 buildings. Winchester Wood was completed in 1985 and comprises 62 units and 16 two-story buildings.
“We believe in the Providence apartment submarket and intend to continue to embark on a substantial value-added program for properties,” said Gaia managing partners Danny Fishman and Amir Yerushalmi in a statement.
Amenities include a renovated clubhouse, a fitness center, an outdoor swimming pool with a sun deck, tennis courts, a private landscaped courtyard, 694 parking spaces, on-site management and 24-hour emergency maintenance.
Gaia, which will also manage the properties, plans to upgrade common areas and renovate unit interiors. The New York-based company owns $1.15 billion in assets nationwide, including 13,000 multi-family units.