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By Patrick Anderson
PBN Staff Writer
EAST PROVIDENCE – A New York real estate investment company said Tuesday it has purchased the Winchester Park and Winchester Wood apartment complexes off Pawtucket Avenue for approximately $55 million.
Gaia Real Estate said it had acquired the complexes, which have a combined 478 units in 79 two-and-three-story townhouse buildings, for around $115,000 per unit. Gaia Property Management will take over management of the complexes.
The sale also included 20 acres of adjacent undeveloped land.
The name of the seller was not disclosed.
“We believe in the Providence apartment submarket and intend to continue to embark on a substantial value-added program for properties,” said Gaia managing partners Danny Fishman and Amir Yerushalmi, in a news release.
Winchester Park, with 416 units, was built between 1971 and 1974 and renovated in 2000. Winchester Wood was built in 1985 and has 62 units.
Gaia, which owns $1.15 billion in real estate assets including approximately 13,000 apartments across the country, intends to upgrade the common areas and apartment interiors at Winchester.
The transaction was brokered by CB Richard Ellis New England Partners, which also arranged the financing.