EXCLUSIVE: Historic Promenade Apartments for Sale in Providence - 430+ Units

Two of the city of Providence’s top-tier apartment buildings are now being marketed for sale.

The Promenade Apartments -- two historic buildings reclaimed and converted into urban apartments and have been a critical part of the development of Providence over the past 30 years -- are now on the market.

The two buildings are being marketed exclusively out of the office building located at The Foundry.

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The entire historic Brown & Sharpe mill complex was purchased by the late Antonio Guerra, a noted architect. He purchased the campus in 1968 and spent much of his life transforming the old mill buildings into one of the most expansive examples of transformational urban reuse.

The senior Guerra along with his son Tom Guerra and son-in-law Tony Thomas building-by-building rehabbed and marketed the entire 13-building mill property.

According to marketing materials, ”The 433 apartment homes are split between two adjacent buildings which offer two distinct finish levels. The Promenade Building was rehabilitated in 2005 and is home to 237 apartments, and The Sharpe Building was rehabilitated in 2015 and is home to 196.”

The properties boast more than 90% occupancy. According to 

Historically, Promenade @ The Foundry has maintained occupancy levels with steady rent growth. While the market in 2020 saw a dip in occupancy levels, Promenade @ The Foundry is currently 94.0% occupied and 96.8% leased (as of 4/2/21).

The property was able to hold rents flat over the last year, with in-place actual rents currently $376 or 20.4% below newer and renovated communities throughout Downtown Providence. This value provides a new owner the ability to push rents organically. A new owner may also look to implement a light renovation program in The Promenade Building, where original finishes are now 15+ years old.

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