By Marc Larocque
Providence Business News
PROVIDENCE – ONE Neighborhood Builders, a city-based nonprofit devoted to developing affordable housing, recently announced that it is partnering with a Massachusetts full service real estate company to manage about 450 of its apartment units around Providence and East Providence.
Peabody Properties, which is based in Braintree, Mass., is now managing 446 low-income residential units that were developed by ONE Neighborhood Builders. The two organizations did not announce the terms of the property management deal.
The portfolio of ONE Neighborhood Builders’ apartments includes 36 units at Sutton Place in East Providence; 370 more at developments in the Elmwood and Olneyville neighborhoods of Providence, such as Amherst Gardens, Olney Village, Olneyville REDUX, Riverside Gateway, Adelaide Apartments and King Street Commons; and 40 other “scattered-site apartments” across the city.
“ONE Neighborhood Builders’ mission is to develop affordable housing and engage neighbors across Greater Providence to cultivate healthy, vibrant and safe communities,” said Jennifer Hawkins, president and executive director of ONE Neighborhood Builders. “To realize this mission, we rely upon strong and committed partners such as Peabody Properties. We are confident that with Peabody Properties, our rental homes will be managed to high-quality standards.”