East Coast investor buys mixed-income apartment complex

Units serve Section 8, elderly residents

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CB Richard Ellis/New England announced the sale of Woodland Manor I & II, a 276-unit mixed-income apartment community in Coventry, R.I. The value of the transaction was not disclosed. An affiliate of Hall Keen purchased the property from Woodland Manor I Associates LP and Woodland Manor II Associates LP. Woodland Manor I was built in 1981 and includes nine two-story and three-story buildings. The community contains 150 units comprised of 120 traditional garden-style apartments and 30 townhouses. The unit mix is made up of 75 one-bedroom units and 75 two-bedroom units with an average square footage of 928 square feet. Eighty-one units are subject to a project-based Section 8 contract. Community amenities include a clubhouse with a community room, on-site management office and maintenance office, in addition to an outdoor swimming pool and basketball court. Woodland Manor II was built in 1982 and is comprised of one three-story elevator building. The community contains 126 elder...