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Boston & New England  + New England  + Apartments  |  December 19, 2019
David Cohen
By: David Cohen

Edgewood Group Snags Rhode Island MF Property for $3M

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.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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