GID Puts 240-Unit Asset in Front of Investors

PROVIDENCE, RI-Providing needed product to capital sources hungry for multifamily deals, an upscale apartment community has come to market. The 240-unit complex is owned by General Investment & Development.

The Boston-based GID has retained CB Richard Ellis to market Windsor at Brentwood. The 240-unit complex should be well-received by the market, predicts CBRE broker Paul Donahue. “It’s an attractive property,” Donahue says, relaying there are value-added opportunities connected to the asset that could help yield a capitalization rate in the 6% range for the buyer.

Constructed in 1987, Windsor at Brentwood features a dozen three-story buildings at 630 Smithfield Rd., situated on a 12.7-acre campus that Donahue terms as “meticulous” in its landscaping. Windsor at Brentwood is 97% leased, a rate Donahue says benefits from a solid location just four miles from Downtown Providence and a market that is seeing vacancies on the wane.