Northeast Private Client Group Sells Providence, Rhode Island Apartment Building for $7.35 Million
– Leading mid-market investment sales firm reps sellers and sources buyers for Rhode Island multifamily property –
Providence, Rhode Island (July 10, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of Ambassador Apartments located at 71 Pitman Street and 203 Gano Street in Providence, Rhode Island. Tim McGeary, an Investment Associate in the firm’s Massachusetts’s office, represented the seller and procured the buyer in the $7,350,000 transaction.
“Providence is a favorable market for investors in the Northeast looking to expand their portfolios,” said McGeary. “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.”
The Rhode Island-based seller, DiPrete Realty Investment, sold the property to S.M.H Grandview, based in Providence, for a price that equates to $204,166 per unit, and a capitalization rate of 5.91 percent based on current net operating income. The property is comprised of an adjacent 33-unit building and a 3-family building within walking distance to the shops and restaurants of Thayer Street as well as Brown University.
About Northeast Private Client Group
Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors 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. To learn more, visit: www.northeastpcg.com.