NORTH KINGSTOWN – A 140-unit market rate townhouse apartment rental development in the town recently sold for $27.6 million, according to public records and an announcement from CBRE Group Inc., which represented the seller.
The Mill Creek Townhomes, a development on Mill Creek Drive that’s also known as Creek Side Landings, was purchased by Landings Real Estate Group, a private real estate investment group based in Newport, according to CBRE.
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CBRE said it represented the seller, an affiliate of The Grossman Cos., a Quincy, Mass.-based real estate investment firm. CBRE said it also procured the buyer.
The Mill Creek Townhomes consists of 31 residential buildings, in addition to a clubhouse at 425 Mill Creek Drive, the real estate firm said. The development was built in two phases in 1968 and 2006, with the townhouses spread out around a 47-acre lot, the firm said.
The development includes a mix of two-bedroom, three-bedroom and four-bedroom units, according to CBRE. The average size for one of its “direct entry homes” is 1,125 square feet of living space.
“The community offers a quiet, low-density neighborhood close to shopping, beaches and major roadways,” CBRE said in its announcement of the sale.
Simon Butler, vice chairman and managing director for CBRE, said the townhouse development is poised to yield a profitable return for the buyer.
“We are pleased to have represented The Grossman Companies in the sale of Mill Creek Townhomes after many decades of stewardship,” Butler said. “The property offers the Landings Real Estate Group the ability to earn strong long-term returns through the execution of their value-add program and substantial capital investment.”
According to the quitclaim deed, a public record of the sale, the seller was Millcreek LLC, based in Quincy and affiliated with The Grossman Cos. The buyer was Creek Side Landings LLC, a limited liability company tied to Landings Real Estate Group in Newport.
The development is broken up into two lots, including one that was most recently valued by North Kingstown assessors in 2024 as being worth $14.63 million, with $12.07 million attributed to the townhouse buildings and $2.56 million to the land they stand on, according to the town’s online property tax evaluation database.
The second lot, containing just two of the development’s many apartment buildings, was most recently valued by North Kingstown assessors in 2024 as being worth $1.54 million, with $1.3 million attributed to these buildings and $240,000 attributed to the 13.3 acres of land they stand on, according to the online database.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
