An affiliate of Readville-based Geraghty Assoc. has purchased a Rhode Island apartment community for $31.75 million.

JG Royal Mill LLC/JJH Royal Mill LLC purchased The Apartments at Royal Mills at 125 Providence St. in West Warwick, R.I. from SBER Royal Mill LLC. CBRE/NE exclusively represented the seller and procured the buyer.

“This is a high-quality asset that the buyer was able to purchase at below replacement cost since historic tax credits were used to capitalize the redevelopment in 2008,” CBRE/NE Vice Chairman and Partner Simon Butler said in a statement.

Simon brokered the sale along with CBRE/NE Vice Chairman and Partner Biria St. John.

The Apartments at Royal Mills consists of two main mill buildings: Royal Mill, ranging from four to six stories, and Ace Dye Mill, four stories. There is also a two-story machine shop mill, which includes of two townhome units and a vacant two-story gatehouse building.

The property has upgraded 56 units with new kitchens and bathrooms. Upgrades include granite countertops, hardwood flooring and marble top vanities with hardwood cabinets. Amenities include a clubhouse, pool table, resident lounge and fitness and business center.

The buildings were originally constructed between 1860 and 1922. Three of the buildings were fully rehabilitated and converted into apartments between 2006 and 2008. The asset was added to the National Historic Register in 2004.