The BLVD Group, a developer and owner of affordable housing, announced its $57 million acquisition and planned renovation of Rock Ridge Apartments, a 152‑unit community in Woonsocket, Rhode Island.
The company said it would create 30 new affordable units at the site. Upon completion, all units will be available to families earning up to 50% or 60% of the Area Median Income (AMI).
The renovation will include replacing most of the building envelope and full interior upgrades, such as modernized kitchens and baths. Enhanced building systems will incorporate high‑efficiency electrical and water solutions and a 666-kW solar energy generation system to produce the bulk of the building’s power needs. Additional community amenities will include a renovated basketball court, clubhouse, and BBQ areas.
The acquisition and renovation are being financed through Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan, along with equity from the sale of renewable energy tax credits and a construction loan from Merchants Bank.
“This acquisition represents an exciting opportunity to transform a vital community asset into a modern, energy‑efficient home for families in need,” said Rob Budman, managing principal at BLVD. “The comprehensive renovations exemplify our commitment to revitalizing affordable housing with thoughtful design and sustainability at its core.”
