CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of Mill Creek Townhomes, a 140-unit, 100% market-rate apartment community in North Kingstown, Rhode Island.
CBRE represented the seller, an affiliate of The Grossman Companies, a Quincy, MA-based real estate investment firm. The team also procured the buyer, Landings Real Estate Group, a private real investment group based in Newport, Rhode Island.
Built in two phases in 1968 and 2006, Mill Creek Townhomes is comprised of 31 residential buildings in addition to a clubhouse. The community offers a mix of spacious two-, three-, and four-bedroom direct entry homes with an average size of 1,126 square feet. Spread out over 47 acres (3.0 units per acre), the community offers a quiet, low-density neighborhood close to shopping, beaches, and major roadways. The property is also close to Quonset Business Park and offers access easy to Providence via I-95 to the North.
CBRE’s Simon Butler said, “We are pleased to have represented The Grossman Companies in the sale of Mill Creek Townhomes after many decades of stewardship. The property offers the Landings Real Estate Group the ability to earn strong long term returns through the execution of their value-add program and substantial capital investment.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
