News Summary
CBRE has facilitated the sale of the 240-unit Residences at Brentwood in North Providence for $52.5 million, highlighting strong interest in the multifamily sector. This transaction, sold by TMI The Residences at North Brentwood to FPA Multifamily, showcases the ongoing demand for quality multifamily assets in the New England region. With amenities like pools and fitness centers, the community offers residents convenient access to downtown Providence and major transport routes. This deal reflects broader investment trends in the recovering market of Rhode Island’s suburban real estate.
North Providence, Rhode Island — CBRE has successfully facilitated the sale of the Residences at Brentwood, a 240-unit apartment community in North Providence, for $52.5 million. This significant transaction marks a notable investment in the multifamily sector, reflecting strong interest in well-located suburban real estate in northern Rhode Island.
The property was sold by TMI The Residences at North Brentwood, which is affiliated with Taymil Partners, a real estate company based in Wellesley, Massachusetts. The buyer, FPA Multifamily, LLC, is a national real estate investment firm recognized for focused investments in multifamily apartments. This deal showcases the continued demand for quality multifamily assets in the region amidst a recovering market.
Originally built in 1987, the Residences at Brentwood features a mix of one- and two-bedroom apartments that average 692 square feet. The community is equipped with a wide array of amenities, including both indoor and outdoor swimming pools, a fully equipped fitness center, and a spacious clubhouse. Its strategic location offers residents easy access to downtown Providence and major transportation routes, including Interstate 295, making it a desirable place to live for many.
CBRE’s team, consisting of Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler, managed both the sale representation for the seller and the procurement of the buyer. Industry experts have noted that the transaction aligns with the broader investor interest in the New England region’s multifamily assets, particularly those that present opportunities for renovation and repositioning to boost returns.
In a related context, JLL Capital Markets has announced an expansion into New England, appointing Jon Bryant and John Flaherty as Managing Directors as of August 12. This move signifies growing activities within the region’s real estate market.
The Boston-area multifamily market has witnessed nearly $900 million in investment activity during the second quarter alone, indicating a strong recovery phase within the capital markets. The transaction volume for the multifamily sector in Boston over the 12 months ending June 30 was recorded at 33% higher compared to the same period the previous year. Notably, sales to in-state investors have surged by 50%, with out-of-state investments nearly doubling, highlighting a robust interest from various investment players.
Several factors, including the absence of rent control in Boston relative to other East Coast cities, have attracted out-of-state investors to the region. The average price per unit for Boston-area apartment sales in the last year reached $325,000, while effective rents climbed to $3,080, reflecting a year-over-year growth of 2.8%. Despite some fluctuations in rent growth and broader economic uncertainties, multifamily investment activities remain strong.
Noteworthy recent multifamily sales in the Boston area include a $122 million acquisition of a 230-unit apartment building in Revere, a $175 million purchase of The Hill Estates in Belmont, and a $112.5 million acquisition of a 295-unit apartment building in Malden. The investment atmosphere in Boston is buoyed by the state’s strong education and healthcare sectors, with trends suggesting millennials are increasingly moving to suburban areas, likely favoring larger, amenity-rich apartments.
Attempts to implement rent control in Boston have faced obstacles in 2023, with a recent proposal failing at the state level. The evolving multifamily market suggests ongoing investment opportunities, particularly in suburban settings, where demand is shifting towards affordable units outside core urban areas.
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Additional Resources
- Boston Real Estate Times: JLL Capital Markets Expansion
- CoStar: Boston Multifamily Buyers Pricing
- Bisnow: Apartment Sales Jump in Greater Boston
- Northmarq: Multifamily Transactions Hit Three-Year High in Boston
- CoStar: Multifamily Investors in Boston
- Wikipedia: Real Estate
- Google Search: Boston real estate
- Google Scholar: Boston multifamily market
- Encyclopedia Britannica: Multifamily housing
- Google News: Boston real estate news
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
