News & Transactions

In a notable residential investment transaction, Hayes & Sherry Commercial Real Estate facilitated the sale of a 22-unit multifamily portfolio located in the Roma Estates neighborhood of Westerly, Rhode Island. The portfolio, developed and owned formerly by the Gingerella family, was acquired by Joseph Luzzi, a local real estate investor and developer with deep ties to the community, for a total price of $2,450,000.

The portfolio consists of 11 individual duplex homes, totaling 42 bedrooms, 22 bathrooms, and approximately 17,438 square feet of living space on 3.94 acres. Eight of the homes are located along Spencer Drive, Beatrice Street, Miner Street, and Byron Drive, with three additional homes facing the east side of Byron Drive.

The properties are located close to major amenities, including shopping, dining, schools, and transportation. The location is approximately two miles from both the Westerly Amtrak Train Station and the Downtown Westerly Historic District, six miles from Watch Hill, and eight miles from Misquamicut Beach. This combination of neighborhood setting and proximity to coastal and downtown destinations makes the portfolio a rare opportunity within the Westerly market.

The transaction brought together two well-established Westerly families with significant community involvement. Due to USDA guidelines tied to the properties, it was essential to identify a buyer capable of meeting strict requirements while ensuring the integrity of the portfolio was maintained. Hayes & Sherry coordinated the process over a nine-month period, ultimately facilitating a seamless transfer between parties.

Derek Brazeau of Hayes & Sherry Commercial Real Estate represented the transaction. His strategic guidance and local expertise were instrumental in aligning the portfolio with a buyer well-suited to its unique structure and regulatory considerations.

This sale highlights both the enduring strength of Westerly’s multifamily investment market and Hayes & Sherry’s continued role in brokering significant transactions across Rhode Island.