Search
 

Gaia Nabs Large Multifamily Complex

PROVIDENCE, RI-The property, one of Rhode Island's largest, was sold at the high-end of the market.

By Rayna Katz | Updated on April 25, 2013

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.

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.