CBRE announced that it has arranged the $37 million sale of Northgate Apartments, a 179-unit garden style apartment community located at 3 Admiralty Drive in Middletown, Rhode Island.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, an affiliate of Eden Properties from Boston, MA. The team also procured the buyer, an affiliate of SFMG.
Completed in two phases in 1969 and 1972, Northgate Apartments is comprised of 21 different buildings with a mix of two and three-story residential buildings, along with a free-standing leasing center, fitness center, and an outdoor pool. There are a mix of one, two and three -bedroom apartment homes with an average size of 888 sq. ft. The community is located on Newport Island, offering access to numerous employment centers including the Island itself and Providence, as well as many retail amenities.
“We are pleased to have represented Eden Properties in the sale of Northgate Apartments. This marked the successful conclusion of their investment strategy,” stated Butler. “Additionally, the asset still provides SFMG, Inc with the ability to execute on a value-add strategy and generate strong long-term returns.”
