The BLVD Group Expands Affordable Housing Commitment in Providence with New Acquisition
The BLVD Group Expands Affordable Housing Commitment in Providence with New Acquisition
The BLVD Group, recognized as a prominent player in the affordable and workforce housing sector, announced a significant milestone today. The company successfully completed the acquisition of Williams Woods Apartments, a 65-unit affordable housing development located just 2.5 miles south of downtown Providence, Rhode Island, marking a crucial step in its mission to enhance housing accessibility.
This off-market transaction closed on December 31, 2024, and represents BLVD's third property investment in Providence, as well as its fifth in the entire state of Rhode Island. The acquisition underscores the company's ongoing commitment to providing quality affordable housing in communities that need it most. The Williams Woods Apartments, constructed in 2006, were financed through the Low Income Housing Tax Credit (LIHTC) program, which facilitates the development of affordable housing across the United States. The property spans 76,671 rentable square feet and offers a variety of two- and three-bedroom townhome-style units, catering to diverse family needs.
In a statement regarding the acquisition, Rob Budman, Managing Principal at The BLVD Group, expressed enthusiasm for the new addition to their portfolio. "This acquisition represents an exciting addition to BLVD's growing portfolio of affordable and workforce housing communities," said Budman. "We are thrilled to expand our footprint in Providence and continue our mission of preserving and enhancing high-quality, sustainable housing options for families in need."
In addition to solidifying its commitment to affordable housing, The BLVD Group has earmarked $550,000 in capital improvements for Williams Woods Apartments. These enhancements will ensure that the property remains a safe and desirable community for its residents. Furthermore, the day-to-day operations will be managed by WinnResidential, the property management subsidiary of WinnCompanies, which is known for its commitment to customer satisfaction and operational excellence.
The residents of Williams Woods Apartments will benefit from thoughtfully designed amenities that contribute to a comfortable living experience. The units feature spacious floor plans, in-unit laundry connections, and energy-efficient appliances to promote sustainability and ease of living. Additional amenities, such as private patios, walk-in closets, a community room, and proximity to local parks, recreation areas, and public transportation, enhance the overall living experience.
Budman added, "We are excited to work with our partners to deliver a community that families in Providence are proud to call home."
As a leader in multifamily investment and development, The BLVD Group focuses on providing innovative housing solutions across a range of incomes by investing in market-rate, middle-income, and affordable housing. The firm has successfully executed investments exceeding $3 billion across various strategies and currently manages a national portfolio valued at over $1 billion. This strategic approach underpinned by deep industry expertise allows BLVD to achieve superior returns for investors while positively impacting communities nationwide.
With the acquisition of Williams Woods Apartments, The BLVD Group not only reinforces its footprint in Providence but also plays a pivotal role in addressing the growing demand for affordable housing in the region. By investing in communities and prioritizing quality housing options, the company continues to make a significant difference in the lives of countless families who rely on affordable housing as a foundation for their well-being.