PROVIDENCE, R.I.--(BUSINESS WIRE)--Edgewood Group, a Rhode Island-based real estate firm, today announced the acquisition of a 42-unit multifamily property in North Providence, RI for 3.1M. The transaction marks Edgewood’s seventh multifamily acquisition in Rhode Island in less than three years.
The apartment community is located within two miles of Providence College, Rhode Island College, Our Lady of Fatima Hospital, and is in close proximity to Downtown Providence.
Built in 1968, Edgewood plans to renovate the property with interior and exterior upgrades and rebrand the property from Smithfield Manor to The Belmore. The interior will have wood plank flooring, granite countertops, updated cabinetry and stainless steel appliances added to each unit. Exterior renovations will include new signage and landscaping.
“This new addition to our portfolio complements our strategy of acquiring aging communities in great locations that need some updating,” said Alfred D’Andrea, Founder and CEO of Edgewood. “All of our buildings are unique in that each one has a different theme. We look forward to rebranding the property to The Belmore and being able to provide high-quality housing to the North Providence community.”
Edgewood currently owns and manages six additional multifamily properties throughout Rhode Island.
About Edgewood Group
Edgewood Group is a fully integrated real estate investment firm focused on acquiring, renovating, and managing multifamily communities throughout New England. Edgewood was founded by Alfred D’Andrea in 2017, shortly after the acquisition of Parkside Apartments located in the Edgewood neighborhood of Cranston, Rhode Island. For more information on Edgewood Group, visit www.edgewoodgroup.com.