West Warwick, RI – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Tanglewood Village, a 176-unit multifamily asset located at 47 Tanglewood Drive in West Warwick. The sale price was $29,570,000.
The Cushman & Wakefield team of Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan represented the seller, Sawyer Realty Holdings Tanglewood, LLC while also procuring the buyer, Standard Communities.
“We are pleased to have represented Sawyer Realty Holdings in the sale of Tanglewood Village, which marked the successful conclusion of their investment plan,” stated Lusa. “Tanglewood Village, which has maintained near 100% occupancy during the pandemic, has been an excellent investment for Sawyer. The Standard Companies will now implement its plan for the property, which includes further renovations, and will continue to deliver high quality housing to the residents of the property and the town of West Warwick.”
Built in 1972-1973, Tanglewood Village is a three-story garden style apartment community comprised of nine buildings and a clubhouse/leasing center on 11.6 acres. The property is situated just one mile west of Route 2 (Bald Hill Road), Rhode Island’s largest retail corridor featuring 5+ million square feet of shopping and entertainment, and two miles west of I-95, providing residents with unmatched accessibility.
The property consists of 76 one-bedroom, one-bathroom units; 70 two-bedroom, one-bathroom units; and 21 three-bedroom, two-bathroom units. Recent capital improvements include unit and common area upgrades, clubhouse/amenity center renovation and roof and HVAC replacements. Amenities include a clubhouse/amenity center, game room, resident lounge, swimming pool, fitness center, sport courts and ample parking.
The property is strategically located 20 minutes south of downtown Providence and is surrounded by an array of shopping, retail and medical centers. The asset is located near T.F. Green Airport and the Providence Train Station allowing easy access to the surrounding Providence, Boston and New York areas.