Dakota Partners Closes on Brookside Terrace, Phase 1; Awarded Financing for Phase 2
EAST GREENWICH, RHODE ISLAND – Dakota Partners recently celebrated two major milestones for its affordable housing community, Brookside Terrace in East Greenwich, RI. The firm closed on Phase 1, securing all permits and closed on the property at 1470 South County Trail and Rhode Island Housing also recently awarded Low Income Housing Tax Credits (LIHTC) for the second phase of the project. Construction on Phase 1 began earlier this year.
The property will be built in two phases on the currently-vacant 17.2-acre site. Phase I will feature the construction of two 3-story residential buildings with 48 total units and a single story clubhouse/community building. Phase II will include 48 affordable rental units in two additional three-story apartment buildings to be completed at a later date. All of the buildings will be 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.
“We’re excited for Brookside Terrace to 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. “Dakota Partners is committed to creating accessible, attractive, and affordable housing in Rhode Island.”
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. At the core of every project is Dakota’s mission to improve the lives of the people who live in our communities. By integrating high-level design, green building technologies, and quality craftsmanship, Dakota provides warm and inviting homes that enrich both the community and its residents. Strategic partnerships with neighborhood groups and public officials ensure the success of these projects for all stakeholders in the community.