Updated May 12, 2025
The BLVD Group Acquires Rock Ridge Apartments Multifamily Community In Woonsocket For $57M
100 Rock Ridge Drive
$57,000,000
Units
152
Asset Type
MultiFamily
Closing
Apr 18, 2025
About this deal
AI
The transaction involves the sale of Rock Ridge Apartments, a multifamily asset located at 100 Rock Ridge Drive in Woonsocket, RI. The property consists of 152 units and was acquired for $57 million, equating to a price per unit of approximately $375,000. The asset is classified as an affordable housing community.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $57,000,000
- Buyer: The BLVD Group
- Seller: Conquest Housing
- Units: 152
- Price Per Unit: $375,000
The BLVD Group is set to add 30 new affordable units to the property utilizing Low-Income Housing Tax Credits, enhancing the community's capacity for affordable housing options post-acquisition.
On the Map
$57,000,000
MultiFamily
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Woonsocket MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93