The BLVD Group Closes 2024 with Strategic Acquisition of Providence Affordable Housing

PROVIDENCE, R.I., Jan. 29, 2025 /PRNewswire/ -- The BLVD Group ("BLVD"), a leading developer and operator of affordable and workforce housing communities, today announced the successful acquisition of Williams Woods Apartments, a 65-unit affordable housing property located approximately 2.5 miles south of downtown Providence, Rhode Island.

The off-market transaction, which closed on December 31, 2024, marks BLVD's third property investment in Providence and fifth in Rhode Island, further solidifying the company's commitment to providing affordable housing in the state of Rhode Island. Built in 2006 and financed through the Low Income Housing Tax Credit (LIHTC) program, Williams Woods Apartments offers a mix of two- and three-bedroom townhome-style units spanning 76,671 rentable square feet.

"This acquisition represents an exciting addition to BLVD's growing portfolio of affordable and workforce housing communities," said Rob Budman, Managing Principal at BLVD. "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."

To that end, BLVD has allocated $550,000 for planned capital improvements at the property, ensuring Williams Woods Apartments remains a safe, comfortable, and desirable community for its residents. BLVD has also engaged WinnResidential, the property management arm of WinnCompanies, to oversee day-to-day operations and foster an exceptional living experience.

Residents of Williams Woods enjoy a range of thoughtfully curated amenities that enhance comfort and convenience, including spacious floor plans, in-unit laundry connections, and energy-efficient appliances. Additional features like private patios, walk-in closets, a community room, and easy access to parks, recreation, and public transportation promote a well-rounded living experience.

"We are excited to work with our partners to deliver a community that families in Providence are proud to call home," added Budman.

Project Team:

• Seller: WinnCompanies
• Lender: JLL/Fannie Mae
• Management Company: WinnResidential

About The BLVD Group:
The BLVD Group is a leading multifamily investment and development firm providing innovative solutions across the income spectrum through investments in market-rate, middle-income, and affordable housing. BLVD and its principals have successfully executed over $3 billion in investments across multiple strategies and currently own and operate a nationwide portfolio exceeding $1 billion in assets. Leveraging a strategic approach and deep industry expertise, BLVD delivers superior returns for investors while positively impacting communities nationwide.

SOURCE The BLVD Group