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by CareyBot

CB Richard Ellis/New England today announced the sale of two Providence, R.I., apartment communities totaling 493 units. The total value of the transaction was $27.5 million. Included in the deal was Arbor Glen, a 144-unit affordable apartment community located approximately five miles north of downtown Providence. Arbor Glen was built in the 1950s and has undergone a series of renovations, the most recent of which was in 1992. The property was most recently renovated using Low-Income Housing Tax Credits with 84 units falling under the program. In addition, there are 60 project-based and market-rate units, some of which are LIHTC. There are 12 market-rate units. The other property was University Heights, a 349-unit mixed-income apartment community located on the east side of Providence....