PROVIDENCE – Core Investments and SMC Corp. have purchased the 231 rental units at The 903 Residences, real estate firm CB Richard Ellis-New England announced on Tuesday. The purchase price was not disclosed.
The Boston-based firm and its partner bought the units from Winn Development Corp., a real estate developer that purchased 233 units at The 903 at foreclosure in 2010.
At the time, Winn President Lawrence H. Curtis told Providence Business News that his company saw an opportunity to buy the apartments at a bargain and flip them when the economy bounced back.
Initially built as a luxury 330-unit condominium complex, the redbrick structure behind Providence Place is now mostly apartments. Of the 330 units, just 99 have been sold as condos.
CB Richard said that 98 percent of the 231 apartments purchased by Core Investments were occupied.
The complex includes a resort-style pool, a clubhouse, a private movie theater and a fitness room. CB Richard said the apartments feature 9-foot ceilings, balconies, and washers and dryers.
