Cranston apartment complex sold for $31.1M

THE TERRACES OF WESTERN CRANSTON sold for $31.1 million. / COURTESY INSTITUTIONAL PROPERTY ADVISORS
THE TERRACES OF WESTERN CRANSTON sold for $31.1 million. / COURTESY INSTITUTIONAL PROPERTY ADVISORS

CRANSTON – A 216-unit multifamily property known as the Terraces of Western Cranston was sold for $31.1 million, Institutional Property Advisors announced Friday.

The seller, Cranston Addison LLC, sold the apartment complex located at 100 Elena St. to Sentry Management Holding LLC. The sale price of the building equates to nearly $144,000 per unit.

“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,” said Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team.

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