EAST GREENWICH, RI – Dakota Partners recently closed on Phase 2 of Brookside Terrace, a new affordable housing community in East Greenwich, RI. Construction for the entire development is well underway, with Phase 1 completion anticipated for early summer.
The property is being built in two phases on the formerly-vacant 17.2-acre site. Phase I features the construction of two 3-story residential buildings with 48 total units and a single story clubhouse/community building. Phase II includes 48 affordable rental units in two additional three-story apartment buildings. All of the buildings are garden-style walk-up structures and feature a mix of one-bedroom, one-bath and two bedroom, one-bath units. The clubhouse will serve as a community space – complete with fitness center, event space, and meeting rooms. Total development cost, including infrastructure investments, is $30 million.
“With all the permits and financing secured for Phase 2, we’re excited to move forward on the second half of this important project, which will bring some much-needed affordable housing options to East Greenwich, a town with a median household income of $130,000,” said Dakota Development Director, Muammar Hermanstyne.
A real estate developer and contractor, Dakota Partners acquires and develops multi-family rental and condo communities across New England and the mid-Atlantic, a significant percentage of which are garden-style affordable housing developments.