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.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×