January 23, 2025 – Dennis Kelleher, John Pentore and Sean McHale of Horvath & Tremblay have successfully completed the sale of the forty-five (45) unit Oakland & Lake Estates Multi-Family Portfolio in Warwick, Rhode Island. Horvath & Tremblay exclusively represented the seller, and procured the buyer in the transaction. The desirable portfolio sold for $7,800,000 which represents a 7.37% Cap Rate and $173,333 per unit.
The Oakland & Lake Estates Multi-Family Portfolio is located at 20 Oakland Beach Avenue and 35 & 50 Lake Street in Warwick, Rhode Island (the “Properties” or “Portfolio”). The well-maintained Portfolio is located on Warwick’s east side, the two Properties are 1.6 miles apart and both Properties offer convenient access to the neighborhood’s primary roadways (W Shore Road & Warwick Avenue) and are seconds from the area’s commercial corridors. The Oakland & Lake Estates Portfolio is a well maintained, stabilized asset in a growing, high demand real estate market that offers additional upside. The opportunity exists to drive rental rates through programmatic upgrades and renovations to the kitchens and bathrooms in the unrenovated units, allowing the incoming owner to maximize rents in a supply constrained market. The Oakland & Lake Estates Portfolio is comprised of four (4) multi-family buildings and contains forty-five (45) residential units comprised of two (2) Studio units, four (4), 1-Bedroom/1-Bathroom units, and thirty-nine (39), 2-Bedroom/1-Bathroom units with 39,612 square feet of living area in 40,928 total square feet on a combined 2.68-acres of land. Within the past three years current ownership has completed numerous capital upgrades and renovations to a majority of units (31 of 45 units renovated). The upgrades include new roofs at both properties (all four buildings), full exterior painting at both properties (all four buildings), and interior painting and hallway carpets at both properties (all four buildings). Both Properties also feature brand new high efficiency gas heating systems. Both Properties offer convenient access to area shopping and offers numerous dining options and entertainment venues. Additionally, the Portfolio enjoys close proximity to TF Green International Airport and Warwick’s commercial district which lies between US Route 1 and Interstates 95 and 295. Public transportation is readily available with RIPTA Bus service within 500 feet of each Property, and Train Service available on the MBTA Commuter Rail (Providence/Stoughton Line) from the TF Green Airport Station approximately 3.5-miles away. The Portfolio is within 1-mile of several area beaches on Narragansett Bay and is approximately 3.5-miles from the Warwick Mall, 4-miles from the Community College of Rhode Island and 4-miles from the Kent County Memorial Hospital.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.