Standard Communities Nabs Affordable RI Asset
Following the acquisition, the company intends to perform an extensive rehabilitation of the 106-unit Curtis Arms Apartments in Providence.
Standard Communities has purchased Curtis Arms Apartments, a 106-unit affordable housing community in the Olneyville neighborhood of Providence, R.I. According to Yardi Matrix data, private owner Thomas Deconcilis, a local investor, is the seller of the property.
Located at 80 Curtis St., Curtis Arms is less than 3 miles from Providence and 70 miles from Boston. The six-story property encompasses 96 one- and 10 two-bedroom apartments, with an average unit size of 612 square feet. Amenities include a community room, laundry facilities and 55 parking spaces.
The new owner intends to invest $6 million in the rehabilitation of the building, which will preserve the property as high-quality affordable housing. Renovations are set to include updating building systems such as the roof and elevators, and improving the property’s energy efficiency. No residents will be displaced during planned in-unit repairs.
“Many residents have long-established ties to the neighborhood and we want to help them flourish, which is tough to do if they are worried about being priced out of their community or if their homes are in need of significant repairs,” said Joe Ouellette, partner & head of East Coast operations for Standard Communities, in a prepared statement.
Recently, Standard Cos.’ affordable housing division also renovated Villa de Guadalupe Apartments in San Jose, extending the property’s affordability.
Image courtesy of Yardi Matrix