Case Study · Part 1 of 2

Winchester Park & Woods

478-Unit Garden-Style Multifamily · Riverside, East Providence, RI · Providence–Warwick MSA · 2013–Present

6.28x gross multiple. 30% gross IRR. Asset still held and growing.

Investment Thesis

A long-hold, value-add acquisition of one of Rhode Island's largest multifamily assets — 478 units across 66 acres in Riverside, East Providence, in the Providence–Warwick MSA. Acquired from Equity Residential (EQR) below replacement cost in April 2013, with a suburban demand profile and no competing new supply pipeline engineered to generate compounding, retention-driven cash flow.

Why It Worked

Scale in a supply-constrained market

One of the largest multifamily communities in Rhode Island and the entire Providence–Warwick MSA — structurally difficult to replicate at this scale

Attractive entry basis

Acquired at ~$117K/unit from Equity Residential (EQR) via CBRE — institutional forced seller, below replacement cost in a Northeast coastal market

Land optionality

66-acre site included 20 acres of undeveloped land in East Providence's Riverside neighborhood — provides long-term expansion or land sale potential

Northeast suburban demand

Garden-style amenitized community in Providence MSA with no comparable new supply pipeline — durable, retention-driven cash flow insulated from urban volatility

The Situation

Scale in a supply-constrained Northeast submarket.

478

Units

$56M

Purchase Price

$117K

Per Unit

95.8%

Acq. Occupancy

Asset Profile

LocationRiverside, East Providence, RI

Property typeGarden-style multifamily

Composition478 units / 445,689 SF / 66 acres

Acquisition dateApril 2013

Total equity$12M

SellerEquity Residential (EQR) via CBRE

Case Study · Part 2 of 2

Execution & Realization

Winchester Park & Woods · East Providence, RI · 2013–Present

Value Creation Playbook

Multi-year capital program completed across:

Interior Unit Renovations

Comprehensive unit repositioning program across the 478-unit Riverside, RI community to drive rent growth and lease-up velocity throughout the Providence–Warwick MSA

Amenity Build-Out

Full amenity campus redevelopment on the 66-acre East Providence site: renovated clubhouse, fitness center, resort-style pool, tennis & basketball courts, dog park, and walking trails — completed 2024

Capital Markets Execution

$45M Fannie Mae agency loan placed Aug 2018; $86M Freddie Mac refi Dec 2025 at 5.31% / 70% LTV / 3yr IO — generating $29M LP distribution at refi

Q1 2026 Operating Snapshot

94.3%Occupancy

5.5%Renewal growth

62%Retention

Execution Timeline

Apr 2013

Acquisition

Purchased from EQR via CBRE at $56M (~$117K/unit)

2013–2017

Initial Capex Program

Interior renovations and operational stabilization

Aug 2018

First Refinance

$45M Fannie Mae loan placed, supporting hold strategy

2019–2024

Amenity Repositioning

Clubhouse, fitness, pool, courts, dog park completed 2024

Dec 2025

Refinance & Distribution

$86M Freddie refi (5.31%, 70% LTV); $29M distributed to LPs

Key Takeaways

Scale + Northeast suburban location — the Providence–Warwick MSA has one of the lowest multifamily supply pipelines relative to demand of any Northeast coastal market; large amenitized communities like Winchester generate structural cash flow advantages and tenant stickiness unavailable in oversupplied urban corridors

Long hold compounds value — a 12+ year hold on the East Providence asset returned $58M (4.7x equity) to LPs, with Winchester Park & Woods still held and generating growing income as of Q1 2026

Retention as alpha — 62% resident retention with 5.5% renewal rent growth has driven NOI expansion, reduced turnover costs, and insulated the Rhode Island asset from broader market volatility

Source: Winchester Park & Woods Q1 2026 Investor Report. Asset still held. · GAIA Real Estate · Confidential — Track Record