Rhode Island housing agency dumps apartments

Communities include below-market-rate units

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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 t...