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The Schochet Companies News

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Schochet Associates Completes Acquisition of 265 Apartments in North Kingstown, RI

Schochet Associates, Inc., owners and managers of nearly 4,000 apartments located throughout New England, today announced that it has completed the $18 million acquisition of 265 apartments located in North Kingstown, RI.

Boston – July 10, 2010 – Schochet Associates, Inc., owners and managers of nearly 4,000 apartments located throughout New England, today announced that it has completed the $18 million acquisition of 265 apartments located in North Kingstown, RI. The projects, Essex Village Apartments, a 109 unit elderly development, and Kings Grant Apartments a 156 unit family development, are conveniently located at the corner of Newcomb Road and Devils Foot Road, directly across from the recently completed Gateway at Quonset Point.

The projects, developed in the mid-late seventies, are subsidized by the United States Department of Housing and Urban Development (HUD) under the federal Section 8 and Section 236 programs, have been exceptionally well-maintained and offer residents a professionally landscaped campus which features a picnic area, tennis and basketball courts, a community room, and ample parking. A number of recreational, educational, and social programs are provided by a seasoned and professional staff.

To complete the transaction, Schochet Associates utilized a combination of new and assumed mortgage debt and private equity. Federal Management Co., Inc., an affiliate of Schochet Associates, Inc., will serve as property manager.


Essex Village Apartments


King's Grant Apartments



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