PAWTUCKET – In the largest property sale of its kind in the city in the past three years, The Bilotti Group recently purchased a multi-unit apartment complex on the south side of Pawtucket close to the Providence line for $1.98 million, according to Residential Properties Ltd., which represented both sides of the transaction.
The property at 170 Pawtucket Ave. consists of two brick two-story buildings with a total of 18 apartments, according to the city’s online property tax evaluation database.
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The apartment complex was sold by RISSPORT I LLC, an East Providence-based real estate company that owns “an array of apartment communities across Rhode Island,” according to Residential Properties.
The Bilotti Group is a Cranston-based real estate company that owns and manages about 600 multifamily homes, apartments and commercial units in Rhode Island and Massachusetts, according to Residential Properties.
The 170 Pawtucket Ave. transaction is considered a commercial sale due to the number of units in the buildings, Residential Properties said. The real estate company cited Rhode Island Statewide Multiple Listing Service data showing that this is the highest commercial sale in Pawtucket since 2020.
Residential Properties sales associate Scott Veloso, of the Bessette Veloso Group, personally represented both the seller and the buyer in this transaction.
The two apartment buildings, located around the corner from Pawtucket’s historic Modern Diner and Blackstone Market, were most recently valued by local property assessors in 2021 as being worth $966,300.
Both of the brick buildings with flat roofs were constructed in 1965, and they sit on 0.83 acres of land, including 10,500 square feet of paved asphalt. One of them, which contains 12 apartment units, is 9,419 square feet, while the six-unit building is 5,914 square feet.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
