News: Front Section
Posted: July 8, 2022
Veloso of the Bessette, Veloso, & Fava Group at Residential Properties Ltd. completes two sales totaling $6.645 million
Lincoln & Providence, RI Residential Properties Ltd. has completed two sales totalling $6.645 million.
The first transaction was the sale of 9-11 School St. in Lincoln for $1.645 million. RPL sales associate Scott Veloso of the Bessette, Veloso, & Fava Group represented both sides of this transaction.
According to State-Wide MLS data, this is the highest commercial sale in Lincoln since 2007.
This 13-unit building with a mix of 1 and 2-bedroom apartments is in the Albion area. Residents have proximity to the Blackstone River, the Kirkbrae Country Club, Lincoln Mall, and easy access to I-295.
The second transaction was the sale of 101 Hillside Ave. in Providence for $5 million. Veloso represented both sides of this transaction. He also represented the developers with their original acquisition of property in an off-market deal in 2016. The Bilotti Group, Inc is acquiring the property through an affiliated entity. The Bilotti Group, Inc is based in Cranston, RI and owns and operates 600 apartments throughout Northern Rhode Island and Southeastern Massachusetts.
This 22-unit apartment building located in the Summit neighborhood is a former assisted living facility completely renovated in 2017 and converted to apartments by local developers Jordan Durham and Peter Gill Case of Hillside Realty LLC. The property is situated in walking distance to Lippitt Park and Blackstone Blvd. and has been 100-percent occupied since redevelopment.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
