real estate

N.Y. company purchases E.P. apartment complexes for $55M

GAIA REAL ESTATE said it had acquired the complexes, which have a combined 478 units in 79 two-and-three-story townhouse buildings, for around $115,000 per unit.
Posted 4/30/13

EAST PROVIDENCE – A New York real estate investment company said Tuesday it has purchased the Winchester Park and Winchester Wood apartment complexes off Pawtucket Avenue for approximately $55 million.

Gaia Real Estate said it had acquired the complexes, which have a combined 478 units in 79 two-and-three-story townhouse buildings, for around $115,000 per unit. Gaia Property Management will take over management of the complexes.

The sale also included 20 acres of adjacent undeveloped land.

The name of the seller was not disclosed.

“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 news release.

Winchester Park, with 416 units, was built between 1971 and 1974 and renovated in 2000. Winchester Wood was built in 1985 and has 62 units.

Gaia, which owns $1.15 billion in real estate assets including approximately 13,000 apartments across the country, intends to upgrade the common areas and apartment interiors at Winchester.

The transaction was brokered by CB Richard Ellis New England Partners, which also arranged the financing.

No comments on this story | Add your comment
Please log in or register to add your comment
PBN Hosted

Register today for the First Annual PBN Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Click here for more information, including the list of winners.
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News