PROVIDENCE – CBRE has arranged to sell two mixed-use innovation district apartment buildings to a Boston-based Audubon Capital Partners, the real estate and investment firm announced this week.
Private equity real estate firm Audubon Capital Partners will purchase the two buildings, which contain a total of 151 apartment units, from Rhode Island-based firms Waldorf Capital Management and Marshall Development.
CBRE, which represented the sellers, did not disclose the sale price in its Jan. 14 announcement.
Chestnut Commons includes 92 one, two and three-bedroom apartment homes averaging 774-square feet each; 5,820 square-feet of first floor retail space; and amenities such as a fitness center, spin studio and three roof deck areas. Waldorf Capital Management and Marshall Development oversaw the building's construction in 2020.
The adjacent 95 Lofts, redeveloped in 2017 by Waldorf, features 59 studio, one and two-bedroom units averaging 550 square-feet with 2,951 square-feet of retail space. The building also offers residents a media and game room and bicycle storage racks.
The sellers used Rebuild RI tax credits to fund Chestnut Commons, and federal and state historic tax credits for 95 Lofts. Both buildings were also granted Tax Stabilization Agreements.
Chestnut Commons and 95 Lofts are located in the city's downtown Innovation District, at 95 Chestnut St. and 180 Friendship St., respectively.
Simon Butler, CBRE's North East/Mid Atlantic vice chairman and managing director, said in a statement that Audubon Capital Partners "is poised to benefit from the ongoing transformation of the I-195 District with new medical and life science development set to open in the near future.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.