Atlanta-based ARA announced the sale of the 94-unit community adjacent to the popular Garden City Center shopping center in a press release that claimed there was "a strong response from investors" and the "a multitude of offers but in the end, the newly formed Residences at Garden City LLC won out."
Residences at Garden City was formed by Mass.-based Stephen Lewinstein and Paul Griesinger.
The price tag puts the development's cost at $72,473 per unit.
“The Residences at Garden City drew significant interest due to its ideal location next to Garden City Center, quality 1940s construction and opportunities for value creation through renovation,” said Jennifer Athas of ARA.
ARA New England brokers Richard Robinson, Terence Scott, Jennifer Athas, and Philip Lamere represented the seller, Fenway Residential Properties.
The sale marks ARA’s second closing in Cranston this summer, indicating improvements in the Ocean State’s market fundamentals.
“Rhode Island’s size and scale provide unique market advantages such as a sense of community and a blend of rural and urban settings, as well as easy access to Providence and Boston,” said Philip Lamere of ARA.
Constructed in 1948, the property consists of seven buildings featuring 94 one- and two-bedroom units and is conveniently located next to Garden City Center, a 500,000 square foot lifestyle destination featuring over 55 shops and restaurants, as well as office space.