CB Richard Ellis/New England brokered the sale of Springfield Apartments, a 216-unit, class A development in Cranston, R.I.
The value of the transaction was approximately $27.3 million.
Fairfield Residential LLC purchased the property from an undisclosed seller.
Springfield Apartments was built in 1989 and contains nine three-story, garden-style apartment buildings and a single-story clubhouse and amenity center, situated on an 8.7-acre site. The buildings are wood frame construction with vinyl siding on reinforced concrete slabs.
The community has a unit mix of 108 one-bedrooms and 108 two-bedrooms with an average size of 791 square feet. Unit amenities include fully applianced kitchens, central A/C, fireplaces, washers and dryers in unit, and patios or balconies. Additionally, the clubhouse includes a spa, racquetball court, fitness center and outdoor pool.
CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.
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