Search
 

Landings Group Takes $16M 238-Units Complex

MIDDLETOWN, RI-A local buyer spent $15.5 million to acquire a 238-unit apartment complex and will spend millions more to upgrade the property in hopes of eventually turning the units into affordable condos.

By Beverly Ford | Updated on February 21, 2007

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

MIDDLETOWN, RI-A $15.5-million offer from a local buyer put about 15 other bidders out of the running for a 238-unit Aquidneck Island apartment complex that once served as housing for Navy families. Landings Real Estate Group, of Newport, which purchased the Anchorage Apartments from Northeast Housing LLC, will give the property a new name and a $4-million makeover as it prepares to turn the rental units into affordable condos.

“Over the long term, Landings Group will invest $25 million, initially with a $4-million investment to get the property stabilized,” Dave Forrest, with GMH Capital Partners’ Investment Services Division, of Newtown Square, PA, tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.