Massachusetts Section 8 Portfolio
Providence Realty Investment, LLC recently purchased a government subsidized housing portfolio in Massachusetts comprising of 10 properties totaling 931 units. PRI utilized Low Income Housing Tax Credits (LIHTC) to purchase this portfolio along with Bond Financed Mortgages from Mass-housing. This is the largest private housing preservation transaction in Massachusetts history. Over $15 million in upgrades are planned within the first year of ownership and are already well underway.
PRI Government Housing
The properties, many of which are located in the surrounding Boston metropolitan area, are within a one-hour drive of each other allowing for efficient management and operations. The communities are well maintained, mostly age restricted, and enjoy an extremely stable tenant basis with very low turnover.
PRI has contracted Wingate Management Company, LLC to oversee property management of its MA and RI portfolios. Wingate has a great deal of experience successfully managing affordable housing complexes throughout the US.
Cedar Glen is a two-and-a-half story elderly affordable housing apartment community featuring 114 units spread throughout four buildings on a 15 acre site just outside the town of Reading, Massachusetts. Set along Main Street, residents enjoy easy access to the downtown area and surrounding communities. Amenities include a community room, library, and exercise room.
2 Elderberry Lane Reading, MA 01867
Chestnut Glen is an elderly affordable housing apartment community with 130 units spread throughout two buildings on a 10 acre site in Abington. Located next to the Ames Norwell State Park and just minutes from the centers of Abington and Holdbrook, residents enjoy easy access to walking trails and downtown shopping destinations. The site is conveniently located just 30 minutes from Boston. Amenities include two community rooms, four laundry rooms, exercise equipment and more.
585 Chestnut Street Abington, MA 02482
Located in charming downtown Wellesley, Massachusetts, Glen Grove is a 125 unit, five-story elderly affordable housing community spread along three and a half acres. It’s located near Wellesley Public Library, just a short walk from downtown shopping and dining destinations. Downtown Boston is only a 30-minute drive from Glen Grove and public transportation is easily accessible from the property. The site has many amenities including community rooms, greenhouses, laundry facilities and more.
50 Grove Street Wellesley, MA 02482
Gosnold Grove is a family affordable housing apartment community with 33 units spread throughout two buildings on a 2.7 acre site in the town of East Falmouth on Cape Cod. The property provides easy access to downtown Falmouth and all the charming Cape Cod communities. Amenities include a basketball court, common laundry facilities, resident storage and more.
364 E Falmouth Hwy East Falmouth, MA 02536
Heritage Green is a three story elderly and family affordable housing apartment community with 130 units spread throughout six buildings on a 24 acre site in Fiskdale. Amenities include a community room, arts and crafts room, outdoor picnic and barbecue area, playground, beauty and laundry rooms.
40 Heritage Drive Fiskdale, MA 01518
Longfellow Glen is a two and three story elderly and family affordable housing apartment community with 120 units spread throughout five buildings in Sudbury, Massachusetts. Just 30 minutes from Boston, this beautiful 23 acre landscaped site is located near downtown sections of Sudbury and neighboring communities of Wayland and Marlborough. The site provides many amenities including a community room, playground and laundry facilities.
655 Boston Post Road Sudbury, MA 01776
Situated in the upscale town of Needham, a suburb just outside of Boston, this 61 unit, two story elderly affordable housing complex has three buildings on a 4.3 acre site. The town centers of Needham and Wellesley are easily accessible as well as the MBTA commuter rail service. There are many amenities to enjoy including a community room, resident vegetable garden, laundry facilities and much more.
1035 Central Avenue Needham, MA 02492
Noonan Glen is an 18–unit elderly apartment affordable housing community located in a single building on a 1.7 acre site in the town of Winchester. Located just off Main Street, residents enjoy easy access to the downtown area and Boston is just 20 minutes away.
75 Hemingway Street Winchester, MA 01890
Old Mill Glen
Old Mill Glen is a family affordable housing apartment community with 50 units spread throughout four buildings on an eight acre site in Maynard. The property is easily accessible to downtown Maynard and has several amenities including a recreation room, playground, and common laundry facilities.
438 Dawn Road Maynard, MA 01754