$16 million bid accepted for Riverview Towers

Weston Associates of Boston was the initial bidder, offering $8 million for the property, but requesting contracts to rent at least 150 apartments to tenants with federal or state subsidies.

FALL RIVER – Between meetings with bankers, Ed Jouki allowed himself time to celebrate Wednesday.

He won the right to buy Riverview Towers on Tuesday.

“I’m as happy as can be,” he said. “I got what I wanted after, what felt like, 50 years.

“I’m all set to sit and talk with the state. I want to secure the future for people there.”

Riverview Towers is an 18-story apartment complex at 301 Milliken Blvd. Of its 200 units, 91 percent are rented to tenants who hold state or federal rent subsidies.

The complex was built 40 years ago by the Capuano family, which ran mills in the city. It was established to provide housing for low income families.

The 40-year mortgage Riverview Towers Company held with the state expired in March. The company decided to sell.

Weston Associates of Boston was the initial bidder, offering $8 million for the property, but requesting contracts to rent at least 150 apartments to tenants with federal or state subsidies.

Mayor Jasiel Correia II has held the complex should be eventually converted to market rate apartments.

He replied to questions by text on Tuesday:

“Riverview is a private sale and I am hopeful that the new owner protects the current tenants without renewing another four decades of subsidized housing in the entire property.”

Tuesday was the last day for the state Department of Housing and Community Development to exercise its right of first refusal on the sale. Weston, the DHCD designee, declined to match the offer of $16 million Jouki made for the property.

Jouki said in June that he hopes to reach an agreement with the state and the city to allow current tenants to remain in place.

“I’m not looking to squeeze anyone,” he said. “At the end of the day, I don’t have any intention of moving anyone. I’m willing to go back and to talk to everyone in every apartment.

“It would be a nightmare to get rid of 200 tenants and find 200 more. I don’t want that.”

Elliott White, a broker with NAI Hunneman of Boston, negotiated the sale, acting as the agent for the sellers. He spent two years on the deal.

“It has been very hard on the tenants,” White said. “They’ve had a long time of not knowing exactly what would happen. This provides some clarity.”

“I’m open to meet with anyone,” Jouki said. “I don’t want to throw anyone out.”

Current residents are protected under law. Any new developer buying a facility with subsidized apartments is limited to rent increases of 5 percent or less over the next three years.

White said he expects it will take several months to complete the sale of the property.

Email Kevin P. O’Connor at koconnor@heraldnews.com.