(To read more on the multifamily market, click here.)

CRANSTON, RI-The 216-unit Springfield Apartments complex here has changed hands for $27.25 million, or about $126,000 per unit. Fairfield Residential LLC acquired the luxury garden-style property from an undisclosed seller. Cranston is located several miles southwest of Providence. Springfield Apartments was built in the late 1980s on 8.6 acres near Randall Pond. It consists of nine three-story apartment buildings and a one-story clubhouse. The street address is 100 Elena St.

The unit mix includes 108 one-bedrooms and 108 two-bedrooms with an average size of 791 sf. Unit amenities include all kitchen appliances, central A/C, fireplaces, washers and dryers in unit and patios or balconies. The clubhouse has a spa, racquetball court, fitness center and outdoor pool.

Simon Butler, Biria St. John and Chris Sower of CB Richard Ellis had the disposition assignment.