PROVIDENCE, RI-GlobeSt.com has learned exclusively that Gaia Real Estate has acquired the 478-unit Winchester Park & Winchester Wood, one of the largest apartment complexes in Providence, Rhode Island. Gaia officials would say only that they paid approximately $115,000 per unit for the deal, which would value the asset at around $55 million. The property sold at the upper end of per-unit comparable sales for apartment properties in the Providence metro area over the past six months, according to Real Capital Analytics.
CBRE/New England EVPs/partners Simon Butler and Biria St. John represented the seller and procured the buyer. CBRE/New England's multi-housing debt team, led by John Kelly, VP, arranged the financing on behalf of the buyer, through CBRE/NE's multi-housing lending platform, according to a press release on the deal. The transaction which is the largest apartment sale in Rhode Island since 2005,” according to Butler, in the release.
Winchester Park & Winchester Wood have 79 two-and three-story garden-style and townhouse-style apartment buildings and one single-story clubhouse building. The apartment community will be managed by Gaia Property Management, which manages or oversees nearly 13,000 units across the United States. The acquisition also includes an adjacent 20 acres of land next to the complex in the east Providence neighborhood of Riverside, according to the announcement.
Gaia officials are planning renovations to the asset. “We intend to continue to embark on a substantial value-added program,” says managing partners Danny Fishman and Amir Yerushalmi in the release. The company intends to upgrade the complex's common areas and unit interiors.
Winchester Park was originally constructed between 1971 and 1974 and extensively renovated in 2000. The community is made up of 416 units spread through 63 buildings. Winchester Wood was built in 1985 and is comprised of 62 units spread through 16 two-story buildings.
The properties include a renovated clubhouse building with lobby and lounge areas, fireplace, fitness center with cardio and nautilus equipment, outdoor swimming pool with sun deck, tennis courts, private landscaped courtyard and 694 parking spaces.
Gaia owns a portfolio of $1.15 billion in real estate assets, including approximately 13,000 apartments and 600,000 square feet of office space nationwide.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
