WEST WARWICK – A Los Angeles-based company that specializes in investments in affordable and workforce housing across the country recently bought a 176-unit apartment complex at 47 Tanglewood Drive in West Warwick for $29.57 million, according to Cushman & Wakefield, the real estate firm that arranged the sale.
Standard Communities, which is a division of Standard Companies, bought the three-story, garden-style Tanglewood Village apartment complex from Sawyer Realty Holdings Tanglewood LLC, said Cushman & Wakefield, in an announcement about the sale.
Bruce Luca, senior director for the Cushman & Wakefield Multifamily Advisory Group, said Tanglewood Village maintained near 100% occupancy during the pandemic, and was “an excellent investment” for Sawyer Realty Holdings, which is based in Newtown, Mass.
“The Standard Companies will now implement its plan for the property, which includes further renovations, and will continue to deliver high quality housing to the residents of the property and the town of West Warwick,” Luca said.
Tanglewood Village was built in 1972 and comprises nine buildings and a clubhouse/leasing center, according to West Warwick tax assessment records. The buildings are located on 11.6 acres of land, according to public records.
The apartment complex is located about a mile west of Route 2, where it’s known as Bald Hill Road, Rhode Island’s largest retail corridor with more than five million square feet of shopping and entertainment. It’s also located about 2 miles west of Interstate-95.
The apartments at Tanglewood Village include 76 one-bedroom, one-bathroom units; 70 two-bedroom, one-bathroom units; and 21 three-bedroom, two-bathroom units, according to Cushman & Wakefield.
The real estate firm said that recent capital improvements to the apartment complex include unit refurbishments and common area upgrades, along with clubhouse/amenity center renovations, and roof and HVAC replacements.
Amenities at Tanglewood Village include a game room, resident lounge, swimming pool, fitness center, athletic courts and “ample” parking, according to a statement from Cushman & Wakefield.
Standard Communities was established in 2018 as a division of Standard Companies, which was co-founded 10 years before that by Scott Alter and Jeffrey Jaeger. Standard Communities said it has preserved more than 12,400 apartments across the country as affordable housing.
“We create a sense of community at our properties, providing residents a home they can be proud of and a support system that allows them to achieve their goals,” according to a statement on the company’s website. “Our work, often in coordination with public agencies, to allocate our private capital has created impactful investments in affordable housing.”
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
