In just over two years, the Newport-based Landings Real Estate Group has expanded to the south coast of Massachusetts. On June 30th, Landings purchased the former Castle Court Estates community located at 4980 North Main St. for $17.5 million.
The newly named South Coast Landings Apartment Community features 240 market rent apartment homes overlooking the Taunton River. The addition of this community to the real estate group's portfolio expands its size for the fifth time in its short, two year involvement in the multifamily industry.
The rapidly growing team of professionals is excited to again grow their business from their hometown roots on Aquidneck Island. The organization's original 238 apartments in Middletown, R.I. have grown to nearly 1,000 apartments throughout R.I., Conn. and Mass. The original eight individuals who started with the company back in January 2007 have grown into a team of 50 people who all embrace the vibrancy of the entire portfolio of Landings' communities. Upon transition to its newest community, South Coast Landings, the Landings team will continue to deliver exceptional customer service and detailed craftsmanship that the organization prides itself on.
"We are excited to continue to expand our presence in the northeast multifamily market and we will continue to search for strategic value-add and repositioning opportunities throughout New England and eastern New York," said Christopher Bicho, president of Landings Real Estate Group. "The current state of the economy will not deter our organization from continuing our acquisition plan."
Landings Real Estate Group is an investment, development, construction, and management firm. Landings Real Estate Group will continue to pursue multifamily opportunities in an effort to expand its portfolio throughout the northeast. The firm was founded by Bicho who previously served as chief financial officer of one of nation's top military privatization real estate companies.