Terraces of Western Cranston apartment complex sells for $47.5M

VA7 TERRACES LLC recently bought a 216-unit apartment complex built at 100 Elena St. in Cranston for $47.5 million. The property previously operated as the Terraces of Western Cranston but is now being called ReNew Western Cranston. / COURTESY RENEW WESTERN CRANSTON

CRANSTON – A 216-unit apartment complex built in 1989 at 100 Elena St. recently sold for $47.5 million, according to a copy of the quitclaim deed documenting the transaction.

The property previously operated as the Terraces of Western Cranston but is now being called ReNew Western Cranston.

SMC Terraces at Cranston Limited Partnership, a Massachusetts-based company, sold the one- and two-bedroom apartment homes to VA7 Terraces LLC. The complex includes 10 different buildings, with nine three-story apartment buildings and a one-story community center, along with a 950-square-foot pool and a 6,480-square-foot tennis court, according to city records.

SMC Terraces at Cranston Limited Partnership is affiliated with SMC Management Corp., a Watertown, Mass.-based company, which bought the Cranston apartment complex for $31.1 million in 2017.

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VA7 Terraces LLC is connected to the Irvine, Calif.-based Trinity Property Consultants, which is an affiliate of FPA Multifamily LLC.

Trinity Property Consultants operates its brand of ReNew Apartment Communities at dozens of locations it owns throughout the country, from Alaska to Georgia, according to its website. Four ReNew apartment sites are located in Taunton, with others located in Weymouth and Amherst in Massachusetts.

But the 100 Elena St. site is the first apartment complex in Rhode Island to become part of the ReNew Apartment Communities brand.

Trinity Property Consultants also operates a luxury apartment brand called Arrive Luxury Communities and a student housing brand called The Social Student Spaces.

Efforts to reach Michael Earl, chief operating officer for Trinity Property Consultants, for comment on this story were unsuccessful. Calls and emails to FPA Multifamily LLC were not returned as of press time.

The Cranston apartment complex was valued in 2021 by city assessors as being worth $23.3 million, according to public records.

Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.

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