Rhode Island housing agency dumps apartments

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. University Heights is a phased developed that was built between 1965 and 1967. It consists of 175 units that are income restricted and subject to Housing Assistance Payment contracts, and 174 units that are traditional market-rate apartments.

Rhode Island Housing and Mortgage Finance Corp. sold the properties to an affiliate of Fairfield Residential.

CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.

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