CBRE/New England’s Capital Markets team today announced the sale of Grant Mill in Providence, Rhode Island for an undisclosed amount. The seller interest comprised of an 85-unit converted mill building.
CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Brady Sullivan Rhode Island Properties, and procured the buyer, an affiliate of Heritage Properties.
“We are pleased to have facilitated the sale of Grant Mill on behalf of our client who had acquired and developed the community in 2009,” said CBRE/NE’s St. John. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to make a strategic entry into the Providence market. Because the property was developed using historic tax credits, Heritage Properties was able to acquire a Class A asset at a significant discount to today’s replacement cost.”
Grant Mill is located in Federal Hill, one of the hottest neighborhood in all of Providence. The urban loft-style apartment homes are within walking distance to downtown (0.5 miles away), as well as steps from numerous retail and dining amenities along Broadway, Westminster Street, West Fountain Street and Atwells Avenue. The asset is considered “A Walker’s Paradise” with a Walkscore® of 93 out of 100.
Converted into unique loft-style apartment homes in 2009, Grant Mill offers unmatched character in an unrivaled location. These apartments have been renovated with restoration of original brick & beam features, original reclaimed wood floors and bright, oversized windows. Additionally, new-age features sought out by renters are featured, such as granite countertops, stainless appliances and in-unit laundry. The property also offers a community room with billiards, fitness center, media room and expansive resident storage.
Grant Mill includes 111 surface spaces and 28 garage parking spaces. The unit mix consists of 53 one-bedroom apartments, 31 two-bedroom apartments and one three-bedroom apartment with an average of 961 SF of living space per unit.
About Heritage Properties
Heritage Properties and its affiliates own, manage and develop multifamily and mixed-use properties in New England. Founded in 1978, our current portfolio includes over 2000 apartment units. For additional information, please visit www.heritageprop.net.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
