CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill, Massachusetts-based Chestnut Hill Realty and Providence, Rhode Island-based Lisco Development. CBRE also procured the buyer, Braintree, Massachusetts-based Schochet Companies.
“We are pleased to have sold Bay View Estates for both Chestnut Hill Realty and Lisco Development who had owned the community for over 20-years and recently made significant improvements to the asset, including both amenities and unit renovations,” said CBRE’s Butler. “Bay View Estates offers the buyer the ability to continue with and expand the scope of upgrades implemented by the seller to further drive revenue and a better living experience for residents.”
Bay View Estates is a 100 percent market-rate apartment community consisting of a total of 130 units, including 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building, and 23 direct access units in a terrace building, spread over 29.3 acres of grounds. The community is comprised of a mix of studios, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Strategically located on Route 114 (West Main Street), Bay View Estates has easy access to Route 24 and Interstate 95 to the North and Newport, Rhode Island, to the South. Residents also have access to both Newport and Providence via RIPTA bus service, which picks up adjacent to the community. Additionally, Bay View Estates offers a generous amenity package including a community room, an outdoor pool, a gym and tennis count.