East Greenwich, RI – Dakota Partners recently closed on Phase 2 of Brookside Terrace, a new affordable housing community in East Greenwich. 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 1 features the construction of two three-story residential buildings with 48 total units and a single story clubhouse/community building.
Phase 2 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.