December 19, 2019
Rhode Island-based real estate firm Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence for $3.1 million. The seller was not disclosed. The transaction marks Edgewood’s seventh multifamily acquisition in Rhode Island in less than three years.
Built in 1968, the community is nearby Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property with interior and exterior upgrades, and rebrand the property to The Belmore. The interior will feature wood plank flooring, granite countertops, updated cabinetry and stainless-steel appliances in 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, CEO at Edgewood. “We look forward to rebranding the property to The Belmore and being able to provide high-quality housing to the North Providence community.”
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Tags: Apartments & Multifamily