An affiliate of Heritage Properties has picked up the Grant Mill apartment complex in Providence, Rhode Island for an undisclosed amount. The asset was a former mill building that was converted to 85 lofts in 2009. Located in Federal Hill, the property offers a community room with billiards, fitness center, media room along with surface and garage parking. The unit mix consists of 53 one-bedroom, 31 two-bedroom and one three-bedroom apartment with an average of 961 sqf of living space per unit. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Brady Sullivan Rhode Island Properties.
“We are pleased to have facilitated the sale of Grant Mill on behalf of our client who had acquired and developed the community in 2009,” said CBRE/NE’s St. John. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to make a strategic entry into the Providence market. Because the property was developed using historic tax credits, Heritage Properties was able to acquire a Class A asset at a significant discount to today’s replacement cost.”
