PROVIDENCE – ONE Neighborhood Builders, a city-based nonprofit devoted to developing affordable housing, recently announced that it is partnering with a Massachusetts full service real estate company to manage about 450 of its apartment units around Providence and East Providence.
Peabody Properties, which is based in Braintree, Mass., is now managing 446 low-income residential units that were developed by ONE Neighborhood Builders. The two organizations did not announce the terms of the property management deal.
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The portfolio of ONE Neighborhood Builders’ apartments includes 36 units at Sutton Place in East Providence; 370 more at developments in the Elmwood and Olneyville neighborhoods of Providence, such as Amherst Gardens, Olney Village, Olneyville REDUX, Riverside Gateway, Adelaide Apartments and King Street Commons; and 40 other “scattered-site apartments” across the city.
“ONE Neighborhood Builders’ mission is to develop affordable housing and engage neighbors across Greater Providence to cultivate healthy, vibrant and safe communities,” said Jennifer Hawkins, president and executive director of ONE Neighborhood Builders. “To realize this mission, we rely upon strong and committed partners such as Peabody Properties. We are confident that with Peabody Properties, our rental homes will be managed to high-quality standards.”
Melissa Fish-Crane, principal and chief operating officer of Peabody Properties, said she and others at her company are “excited” to be partnering with the Rhode Island housing nonprofit. Established in 1976, Peabody Properties manages more than 15,275 housing units throughout New England, along with a few additional apartment sites in New Jersey and Florida.
“We look forward to working with and getting to know these great communities throughout Greater Providence,” Fish-Crane said.
ONE Neighborhood Builders has developed 458 affordable apartment units since it was founded in 1988, the nonprofit said, as well as created130 home ownership opportunities and developed nearly 35,000 square feet of commercial and community space.
Recently, the nonprofit has undertaken projects, including the Bowdoin Street Rowhouse, a $2.2 million project involving the construction of eight modular homes at 110 Bowdoin St.
And One Neighborhood Builders is now in predevelopment for a 42-unit affordable housing development at the former St. Patrick Church in Cumberland; a 16-unit building called the Residences at Riverside Square at the old Vamco site in East Providence; and an 85-unit building called The Avenue involving 39 new apartments in a five-story building to be constructed at 434 Atwells Ave. in Providence.
Late last year, a state commission awarded ONE Neighborhood Builders a total of $5.1 million to support The Avenue and the Residences at Riverside Square.
Marc Larocque is a PBN contributing writer.
