Real Estate in RI: 3 Landmark Sales Signal Growing Investor Confidence in Woonsocket – Emilio DiSpirito

Engel & Völkers Oceanside’s latest multifamily sale becomes the second-highest-priced six-unit transaction ever recorded in the city, according to Rhode Island Statewide MLS.

Investor confidence in Woonsocket continues to strengthen, highlighted by three landmark real estate transactions represented by Engel & Völkers Oceanside that have established new pricing benchmarks across multifamily and development properties.

The latest milestone is the sale of 339 Privilege Street, a six-unit apartment building that closed for $906,000 after going under contract in just 13 days on market.

According to Rhode Island Statewide MLS, the transaction ranks as the second-highest-priced six-unit sale ever recorded in the City of Woonsocket and the highest-priced six-unit sale in Woonsocket during the past year.

The sale follows two other benchmark transactions represented by Emilio DiSpirito IV, License Partner and Private Office Advisor with Engel & Völkers Oceanside.

Just across the street from 339 Privilege Street, DiSpirito represented the sale of a 1.13-acre development site at 256 Privilege Street, which sold for $470,700, establishing a new pricing benchmark for development land in Woonsocket and earning regional business media coverage.

Earlier, DiSpirito also represented the record-breaking sale of the former church-owned redevelopment parcel on Fourth Avenue, another transaction that established a new benchmark for redevelopment land values within the city.

Together, these three transactions reflect increasing investor demand for well-positioned multifamily and redevelopment opportunities in Woonsocket while demonstrating Engel & Völkers Oceanside’s ability to consistently position properties to achieve exceptional results.

“Woonsocket has quietly become one of Rhode Island’s most compelling investment markets,” said Emilio DiSpirito IV. “We’re seeing sophisticated investors recognize opportunities that others overlooked just a few years ago. When the right property is properly positioned and marketed, buyers are willing to pay premium prices because they understand the long-term fundamentals.”

The six-unit apartment building at 339 Privilege Street attracted strong investor interest due to its stable occupancy, desirable unit mix, parking, public utilities, and future rental growth potential. Its location near the Massachusetts border, with convenient access to Providence and major commuter routes, further enhanced its appeal to regional investors.

While Engel & Völkers is internationally recognized for luxury real estate, Engel & Völkers Oceanside has expanded its expertise throughout Rhode Island’s multifamily, commercial, development, and investment sectors. The firm’s recent success in Woonsocket reflects a broader strategy focused on identifying value, leveraging data-driven pricing, executing targeted marketing campaigns, and negotiating from a position of strength.

“Our role extends well beyond listing properties,” DiSpirito added. “We advise our clients on positioning assets to maximize value, identify the right buyer pool, and create competitive demand. That’s how pricing records are established—not by chance, but through preparation, strategy, and execution.”

As investors continue seeking value beyond Rhode Island’s traditional markets, Woonsocket is increasingly attracting attention for its redevelopment opportunities, improving fundamentals, and long-term growth potential. Engel & Völkers Oceanside expects that trend to continue as more investors recognize the city’s evolving market dynamics.

About Engel & Völkers Oceanside

Engel & Völkers Oceanside is a premier luxury real estate brokerage serving Rhode Island, southeastern Massachusetts, and eastern Connecticut. Backed by the global Engel & Völkers network, the brokerage represents buyers, sellers, investors, developers, and commercial clients across residential, luxury, waterfront, multifamily, land, and commercial real estate.

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Emilio DiSpirito is a Private Office Advisor, License Partner of Engel & Völkers Oceanside, developer, investor, and host of The Wealth Architect Podcast. Ranked in the top 1% globally at Engel & Völkers with over 1,500 families served and $750M+ in closed sales, Emilio is also the featured real estate expert for WPRI’s The Roadshow and a contributor to RINewsToday.com. Recent interview on WPRI’s the Rhode Show about this topic can be seen here: https://www.wpri.com/video/welcoming-emilio-dispirito-from-the-dispirito-team-at-engel-v%C3%B6lkers-the-rhode-show/