Ambassador Apartments on East Side sold for $7.35M

As seen in Providence Business News

PROVIDENCE – The Ambassador Apartments in the Wayland Square neighborhood of Providence has sold for $7.35 million, according to Northeast Private Client Group, which represented the seller and procured a buyer.

The apartment building at 71 Pitman St. and a three-family building at 203 Gano St. were sold by DiPrete Realty Investment LLC at a price that equates to $204,166 per unit, according to a news release. The apartments were first opened in 1962, and are within walking distance of Brown University and business centers in Wayland Square and College Hill.

DiPrete Realty, a Cranston-based corporation, purchased the 33-unit building on Pitman and the adjoining three-family building for a combined $4.5 million in October 2007, according to Providence real estate records.

The buyer is S.M.H. Grandview LLC, of Encino, Calif., an entity that owns and operates real estate holdings. The resident agent for Rhode Island is attorney Matthew Slepkow, of East Providence.

Tim McGeary, the investment associate who represented the buyer and procured the seller, said the city is attracting investors who are looking for higher yields than they can find elsewhere. “Providence is a favorable market for investors in the Northeast looking to expand their portfolios,” he said. “Multifamily demand in the area is strong due to steady job creation and economic growth, and turnkey properties like Ambassador provide a higher yield than those found in other Northeast markets.”

About Northeast Private Client Group

Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.