Providence Realty Investment, LLC has a signed purchase and sales agreement for a Government Subsidized Housing Portfolio in Massachusetts. The portfolio consists of 14 properties totaling 1,281 units surrounding the Boston metropolitan area. All properties are concentrated within a one-hour drive of each other allowing for efficient management and operations.
The communities have been well maintained and enjoy extremely stable tenant basis with very low turnover. They have a 25-year history of low vacancy rates (less than one percent) and long waiting lists (up to four years). The majority of units are age-restricted.
Providence Realty Investment is utilizing 4% Low Income Housing Tax Credits (LIHTC) to purchase this portfolio, along with Bond Financed mortgages from MassHousing. Within the first 24 months of ownership, Providence Realty Investment will provide up to $18,000,000 in upgrades within the portfolio, which will include sustainable building designs.