240-unit apartment community sold for $25.8 million
BOSTON – November 17, 2014 – (RealEstateRama) — CBRE/New England’s Capital Markets team announces the sale of Windsor at Brentwood, a 240-unit, garden-style apartment community located in North Providence, Rhode Island, for $25.8 million. CBRE/NE’s multifamily experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/ Partner, exclusively represented the seller, Bower Hill Associates, an affiliate of GID Investment Advisers LLC, and procured the buyer, Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “Windsor at Brentwood represents an outstanding opportunity for SMC Management to acquire a true value-add opportunity and marks a successful investment for our client.”
Built in 1988, Windsor at Brentwood is located in North Providence, Rhode Island. The community consists of 12 two- and three-story garden-style buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments on approximately 12 acres of land. The apartments range in size from 541-965 square feet with an average size of 692 square feet. The community had been partially renovated at the time of the sale with 166 units having received both kitchen and bathroom renovations along with the community amenities.
About GID Investments Advisers, LLC
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 600 real estate professionals in multiple offices throughout the United States. During its 54-year history, the company has acquired or developed over 60,000 residential units and in excess of 15 million square feet of commercial space. GID controls a real estate portfolio consisting of 82 existing properties located in 15 states, comprised of 68 multifamily properties totaling 18,633 residential units (including 586,615 square feet of commercial and retail space) and 14 office and flex/industrial properties totaling 4.3 million square feet. In addition, GID has 12 multifamily properties under development in five states consisting of 3,279 residential units.
GID is involved in a variety of asset classes and real estate disciplines, and pursues opportunities both nationally and internationally. The company is engaged in all aspects of real estate investment, ownership, and operation and has divisions that specialize in development, acquisitions, real estate investment funds and separate accounts, international real estate investing, real estate hedge funds, property management, portfolio and asset management, and advisory services.
About SMC Management, LLC
Stephen M. Chapman founded Heritage Associates in 1978, which later became SMC Management Corporation. Steve has 33 years of active involvement in the development and management of residential and commercial properties in the Greater Boston area. SMC Management Corporation and its affiliates have owned and operated over 8,000 residential apartments and 500,000 square feet of commercial space in over 40 individual private partnerships.
SMC values its long-term relationships with our investors, various deal sources, partners and employees. SMC hires and partners with dependable individuals and organizations with the integrity and experience to deliver on company commitments to tenants and investors alike. A hands-on, service-oriented property owner and manager, SMC is intently focused on providing outstanding service while growing NOI and investment returns. A strong capital base, agility in decision-making, and strategic alliances enables SMC to provide significant capital appreciation for their equity investors.
SMC’s team has been together for many years and maintains a large network of industry professionals including Simon Butler and Biria St. John’s team at CBRE/New England.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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