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
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Quick Hits
Columns and Thought Leadership
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
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,