School renovated into apartments sells for $14M in record Cranston sale

THE FORMER Cranston-Johnston Catholic Regional School at 43 Poplar Drive in Cranston, which was converted into apartments in 2014, sold recently for $14 million, making it the most expensive property sale of any kind in city history, according to Residential Properties Ltd., which represented the seller in the transaction. / COURTESY RESIDENTIAL PROPERTIES LTD.

CRANSTON – A converted Catholic school building recently sold for $14 million, in the most expensive city property sale of any kind, according to Residential Properties Ltd., which represented the seller in the transaction.

The sale of 43 Poplar Drive, the former Cranston-Johnston Catholic Regional School, which was redeveloped into apartments about nine years ago, also marked the second-biggest commercial property sale in state history, according to the real estate firm, citing data collected by the Rhode Island Statewide Multiple Listing Service.

The record holder for the state’s biggest price tag in a commercial property sale dates to January 2019, when the Wayfinder Newport Hotel in Newport was sold for $14.34 million.

The former Catholic school, a 23,580-square-foot, two-story brick building, was also known previously as the St. Mark’s Parish School.

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The property was converted into apartments called 45 Pop Lofts by developer Jordan Durham together with business partner and architect Peter Gill Case. The redevelopment project began in 2014 and was completed during the spring of the following year.

After the initial redevelopment of the property, a second building was constructed at the site, adjacent to 45 Pop Lofts, known as 125 Midway, with 29 luxury-style apartments, each with porches and underground parking spaces.

The property, located close to the Garden City Center shopping plaza, was purchased by the Northborough, Mass.-based Milliken Towers LLC, Milliken GJ LLC and Riverview Tower Apartments LLC, headed by developer Karim “Ed” Jouki.

The Cranston apartment complex was sold by Midway LLC, which is based in Providence and managed by Durham.

Residential Properties sales associate Scott Veloso, of the Bessette Veloso Group, represented the seller in the Cranston property sale, according to the real estate firm.

The property was most recently valued by Cranston assessors in 2022 as being worth $5.5 million, according to the city’s online property tax evaluation database. The property’s 1.88 acres of land accounts for $980,000 of that valuation, while the buildings themselves are worth $4.52 million, according to the database.

Marc Larocque is a PBN contributing writer. 

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