Woonsocket Village & Village West in Rhode Island Sold
12 Dec, 2011, Boston
Cushman & Wakefield today announced the sale of Woonsocket Village & Village West, a 122-unit garden style apartment community located in Woonsocket, Rhode Island. C&W's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, exclusively represented the seller Village West Associates & Woonsocket Village Associates and procured the buyer, Atlantic Development, LLC.
Woonsocket Village & Village West are comprised of 122 units spread throughout 22 two-story townhouse and 2 garden style apartment buildings on Cumberland Road in Woonsocket, RI. The properties are situated in close proximity to several major highways and residents have the convenience of an on-site local bus stop, with service to several shopping and entertainment destinations in the area. Major highways within a short drive of the properties include I-295, the inner beltway around Providence, I-95, providing access to the entire east coast and I-495, Boston?s outer beltway. Woonsocket's location along the Rhode Island and Massachusetts border just 20 minutes from Providence and one hour from Boston provides for excellent access to the employment markets and cultural attractions these cities have to offer.
The properties also enjoy great proximity to local retail amenities along Route 114 (Diamond Hill Road), with many retailers located within two miles of the property. Major retailers along Route 114 include Wal-Mart, Lowe's, Staples, Sears, Burlington Coat Factory, Stop & Shop, Shaw's and numerous other retailers and restaurants.
Woonsocket Village & Village West enjoy a stable tenant base, driven by the in-place affordabilityagreements and strong demand for affordable rental housing within the submarket. The properties offer a mix of one bedroom (33%), two bedroom (40%), three bedroom (23%) and four bedroom (4%) unit styles with an average unit size of 823 square feet. The majority of units across both properties are 2-story townhouse style units (67%), which are well suited to meet the needs of area residents.
The properties were built between 1974 and 1982. Community features include 24-hour maintenance, central laundry facilities and children's recreation areas.
Woonsocket Village was operating under a one-year basic renewal of two Section 8 HAP Contract and Village West was operating under the original Section 8 HAP Contract (expiring on 2/28/2012), making it eligible for a Mark-Up-To-Market. Woonsocket Village was delivered with in-place debt Department of Corporate Communications (including Section 236 IRP Subsidy) that allowed for a decoupling of the IRP and prepayment of the debt. Village West was delivered free and clear of any in-place debt.
Atlantic Development, based in Kittery Maine, specializes in preservation of affordable housing developments and is pleased to be working with RI Housing on their first project in Rhode Island. Atlantic will preserve the affordability of the housing and undertake a substantial renovation of the property utilizing the 4% Low Income Housing Tax Credit program to fund the improvements.