BLVD’s $57m move transforms Woonsocket housing with solar power, 30 new affordable units

The BLVD Group has deepened its footprint in the Rhode Island affordable housing market with the $57 million acquisition and planned redevelopment of Rock Ridge Apartments, a 152-unit property in Woonsocket. This strategic move by the Los Angeles-based developer and owner of affordable housing aims to modernise the property through a Low-Income Housing Tax Credit (LIHTC) backed renovation, which includes the addition of 30 new affordable units and a comprehensive overhaul of building infrastructure and design.

The deal underscores the group’s growing influence in the Northeast affordable housing space, leveraging both federal and state programs to expand access for lower income families. The development is structured to ensure long-term affordability, with all units designated for households earning up to 50% or 60% of the Area Median Income (AMI). Financing for the acquisition and construction is supported by tax-exempt bonds issued by Rhode Island Housing and a permanent loan provided by Fannie Mae. Additional capital comes from the sale of renewable energy tax credits and a construction loan secured through Merchants Bank.

What upgrades are being made to Rock Ridge Apartments?

The renovation of Rock Ridge Apartments is not merely cosmetic. According to The BLVD Group, the scope includes significant structural enhancements such as the replacement of the majority of the building envelope and full interior unit modernisations. Upgrades will encompass energy-efficient kitchens, bathrooms, and improved electrical and water systems.

One of the most notable additions is a 666-kilowatt solar energy system, which is expected to generate the majority of the property’s electricity. This investment in renewable infrastructure aligns with broader sustainability goals and is supported by equity raised through the sale of renewable energy tax credits.

Community amenities are also receiving a major uplift. Plans include a revamped basketball court, upgraded clubhouse, and new BBQ areas aimed at fostering a more vibrant residential experience. These enhancements are designed not just to improve livability but also to help reinforce long-term community retention.

Why does this acquisition matter in Rhode Island’s housing market?

The Rhode Island affordable housing market, like many others across the U.S., continues to face significant supply constraints amidst increasing demand. The addition of 30 new affordable units, along with the preservation of the existing stock, positions Rock Ridge Apartments as a critical community asset during a time of growing housing insecurity. With inflation and interest rate pressures still affecting the broader housing sector, the role of LIHTC-backed projects like this has only become more pivotal.

By securing long-term affordability and incorporating green infrastructure, The BLVD Group is aligning with federal and state-level priorities to deliver more resilient, energy-efficient housing. The project also complements Rhode Island Housing‘s broader strategy to utilise tax-exempt bonds in unlocking large-scale community redevelopment.

Who are the financial and development partners?

The capital stack behind the redevelopment reflects a blend of institutional financing and public-sector support. The BLVD Group serves as the primary developer, with Merchants Capital contributing equity and Merchants Bank acting as the construction lender. Permanent debt financing is being provided by Fannie Mae, while the tax-exempt bonds facilitating the project have been issued by Rhode Island Housing. Total development costs stand at $56.97 million, covering both acquisition and full-scale rehabilitation.

In recent years, The BLVD Group and its principals have executed over $3 billion in housing investments across income tiers, from market-rate to affordable. The company currently owns and operates a national portfolio valued at over $1 billion. Its acquisition of Rock Ridge Apartments reinforces that the group is prioritising deals that offer long-term, impact-oriented returns while addressing the critical demand for affordable housing.

What is the broader outlook for affordable housing investors?

With U.S. rental markets facing continued pressure, investor interest in affordable and middle-income housing has grown. The LIHTC program remains a cornerstone of many such deals, providing critical tax incentives that attract private capital into the space. BLVD’s ability to layer renewable energy tax credits on top of its LIHTC strategy reflects a trend among developers to enhance deal viability through sustainability-linked finance.

At a time when macroeconomic conditions have made conventional real estate development more challenging, projects backed by public-private partnerships—particularly in the affordable housing sector—are gaining attention. The Rock Ridge project serves as an example of how developers can successfully align investor objectives with public-sector mandates for equity and sustainability.

Expert view on investment sentiment

Although The BLVD Group is not a publicly traded company, its activity speaks to broader market sentiment around affordable housing investments. With LIHTC allocations remaining relatively stable and renewable energy incentives being prioritised under federal policy, similar transactions are likely to remain attractive to institutional investors and banks.

This transaction also arrives amid rising costs of capital, where tax credit-driven development provides a more stable, counter-cyclical option for long-term investors. Given the inclusion of solar energy infrastructure and the focus on high-efficiency systems, the project may also appeal to ESG-oriented funds and green investors seeking yield with impact.

Strategic expansion or national blueprint?

For The BLVD Group, this deal is not just about Rhode Island—it’s part of a broader expansion strategy. With a history of executing multifamily investments across multiple markets, BLVD’s portfolio strategy increasingly reflects a dual focus: scale and social value. Its continued emphasis on blending sustainability with affordability could offer a replicable blueprint for other developers seeking to compete in high-demand, low-supply housing markets.

This approach aligns with national housing policy objectives and increasing calls for equitable access to quality living conditions, particularly in smaller cities like Woonsocket that are often overlooked in large-scale redevelopment plans.