NEW: The 903 Sells for $25.5 Million

NEW: The 903 Sells for $25.5 Million

The 903 Residences have been sold to Core Investments/SMC Corporation by WinnCompanies, a Boston-based real estate developer.

GoLocalProv has exclusively learned that the property sold for $25.5 million.

Originally meant to be condos, much of The 903 has been instead used as apartments. Core has purchased 231 units of apartments, leaving 99 condos.

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One of the partners with WinnCompanies was Joe Paolino, a local real estate developer and a former Providence mayor. He said he and WinnCompanies had bought the property at a foreclosure auction for $20 million. After fixing up the residences and making other efforts to improve, Paolino and his partners turned in a $5.5 million profit.

“For five million, five hundred thousand reasons it was good to sell. It was a financial decision, no lack of confidence or anything like that,” Paolino said. “With capital gains taxes lower right now it makes sense.”

The 903 is located in downtown Providence, on the banks of the Woonasquatucket River.

“It’s good for Providence that you have a Massachusetts company willing to invest in a multi-million dollar project,” Paolino added.

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