PORTSMOUTH – Rainbow Heights, a 20-unit complex built in 1970 as affordable housing for Navy families, has been sold to Arbour Development Group for $1.7 million.
The deal was announced today by military housing specialist GMH Capital Partners, which represented seller Northeast Housing LLC. The company said the sale was arranged by David R. Forrest, senior vice president of investment sales for GMH Capital Partners, and Randall L. Calvert, a member of the GMH investment sales team.
“Rainbow Heights holds great value, as it’s strategically located on Rhode Island’s desirable coastal plain,” Forrest said in a statement today. “At this sales price, the buyer is purchasing well below replacement costs for this area.”
The 6.95-acre development – last renovated in 2000 by The Nutmeg Cos. Inc. of Norwich – includes 10 duplexes, comprising 18 three-bedroom apartments and two four-bedroom apartments. Arbour Development plans to fully renovate the units, GMH said. Details of the company’s plans were not immediately available.
The transaction closed on Dec. 20, GMH spokeswomen Michelle Larkin told Providence Business News in an e-mail interview today.
GMH Capital Partners – based in Newtown Square, Pa. – is a real estate property owner, operator and service provider for the office, retail, industrial and multifamily markets. Its Military Housing division manages residential communities at a number of Army, Navy and Air Force bases nationwide, including Naval Station Newport. To learn more, visit www.gmhcp.com or www.NavStaNewportHomes.com.
