$31.1 Million Apartment Property Sold in Desirable Rhode Island Suburb
CRANSTON, R.I., Aug. 18, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Terraces of Western Cranston, a 216-unit multifamily property in Cranston, Rhode Island. The $31.1 million sales price equates to more than $143,000 per unit.
“The Terraces of Western Cranston presented investors with an opportunity to acquire a first class property in the high barrier-to-entry, low sales velocity suburban submarket of Cranston, which has been named ‘the most livable city in Rhode Island’ by 24/7 Wall Street,” says Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team. “In addition to the property’s strong location, new ownership has the ability to unlock additional rent value by continuing the extensive renovation program that began in 2015.”
Nolletti, along with Steve Witten, senior managing director and Eric Pentore, first vice president investments, represented the seller, Cranston Addison LLC, and procured the buyer, Sentry Management Holding LLC.
Built in 1989, The Terraces of Western Cranston is proximate to downtown Providence, less than nine miles away from a handful of outstanding colleges and universities, and approximately 15 minutes away from T.F. Green Airport.
Tim Thompson, regional manager, is Marcus & Millichap’s broker of record for Rhode Island.