25 Gemini Dr
East Providence, RI 02914

The CBRE/New England Capital Markets Team has been exclusively retained to sell Heritage at Kent Farm, a unique opportunity to acquire a mixed-income apartment community with significant value-add as the community continues to reposition itself in the marketplace. Heritage at Kent Farm was built in 1970 and underwent substantial renovations in 1996, along with additional mechanical, roof, life safety and common area improvements between 2005 and 2016. The community consists of two, six-story mid-rise elevator buildings (190 units) and 11 two-story row townhome buildings (60 units). Additionally, there are two rooftop antenna leases to Verizon and Metro PCS. The property is a mixed income community with both market-rate and Section 8 apartments. The property is bound by three in-place Section 8 HAP Contracts covering 139 units or 55.6% of the property. Each of the contracts were renewed in May-2011 under the Mark-Up-To-Market Program with ten-year renewal. The community also just underwent the 6th year RCS and Basic Multi-Year Contract Section 5(2) in May-2016 (5-year mark-to-market). There is approximately a three-year waiting list. With RIPTA bus service along South Broadway, and I-195 less than one-mile away, residents are just minutes away from over 430,000 daytime jobs within 10 miles and nearly 30,000 daytime jobs in East Providence. Over the last 24 months, Providence MSA has added 18,103 new jobs! Providence is home to major employers and Universities such as, Rhode Island Hospital, Women and Infants Hospital, Roger Williams Medical Center, Hasbro Children' s Hospital, Miriam Hospital, Butler Hospital, Citizens Financial Group, Lifespan, CVS Corporation, Brown University, Johnson & Wales University, Providence College, Rhode Island College, and Rhode Island Design. The East Providence housing market has seen strong pricing trends pushing average year-to-date single-family and condominium prices to $190,000 and $140,000, respectively. Showing continuing strength in the local housing market, these prices have increased an average of 5.1% per year for single-family and 4.2% per year on condominiums over the last 5 years. To find out more about the property, please download and execute the confidentiality agreement.