PROVIDENCE – The Bilotti Group has bought Pocasset Village, a 120-unit apartment complex in Cranston, for $9.55 million.
“This was a significant acquisition for our organization and furthered our presence in the Rhode Island apartment market,” said Christopher Bilotti, principal of The Bilotti Group.
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Pocasset Village, with 46 one-bedroom and 74 two-bedroom units, is comprised of eight separate three-story buildings and a standalone clubhouse/leasing office.
The Central Falls-based Bilotti Group bought the property on Dec. 28 from a group related to the Picerne Real Estate Group and is not planning on making any significant changes to the property.
The Bilotti Group owned a 120-unit apartment complex before buying Pocasset Village, which doubled the group’s portfolio. The next acquisition will most likely be in the 150-200 unit range, Christopher Bilotti told Providence Business News.
Cornerstone Realty Consultants arranged a $7.25 million, 10-year, fixed-rate loan for the acquisition at a 5.83 percent interest rate and a 30-year amortization.
