Based in Pawtucket, Nexus Property Management LLC is a full-service management company for property owners. But it also invests in property, provides advice to real estate investors and offers entrepreneurs a chance to get involved by becoming a Nexus Property Management franchisee.
Gregory Rice, vice president for franchise management at Nexus Property Management, recently took to YouTube to announce that the company is planning to transform the former Sacred Heart Parish in Woonsocket into 20 to 25 luxury apartments. Rice started off as a leasing agent for the company when it was first established in 2013, then became a general manager within two years, and he also owns 30 residential units of his own.
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PBN: What kind of company is Nexus Property Management and how big is it?
RICE: Nexus is a regional property management franchise founded in 2012 here in Pawtucket, R.I., by Nick D’Agnillo. We currently have around 50-plus employees between all four office locations – in Pawtucket, along with Fall River, Worcester and Natick [in] Massachusetts. We manage over 1,000-plus units here in southeastern New England. We aim to be in all 50 states within the next decade.
PBN: We’ve seen reports about rent in Rhode Island being unaffordable for a lot of people here. What is your view on the cost of rents in Rhode Island?
RICE: When I first started at Nexus, my first rental was a two-bed, one-bath in Woonsocket, R.I., going for $550 per month. Today, that same apartment goes for around $1,200 per month. This example is an extreme, but it paints the picture that rent prices are climbing. If the eviction rates and vacancy rates were booming, I would say rents are out of control, however, in our experience this is not the case.
PBN: Your company recently announced plans to turn a church in Woonsocket into apartments. Why were you interested in developing apartments in this former church building?
RICE: I was driving down 2nd Avenue when I saw the church listed for sale and thought, “Wow, what a beautiful property, but what a shame it’s vacant.” I contacted the listing agent, Marge Jacob of RE/MAX Town + Country, and asked her if we could tour the inside. After touring the inside, our architect, Aimee Lombardo of ZDS Architecture & Interior Design, was present and she said that we could maximize the space with 20 to 30 apartments potentially. Currently, our builder, Bentley Builders of Warwick, believes that up to 35 units are possible.
PBN: What was it like being a property management company amid the pandemic and did the moratorium on evictions make business difficult for you?
RICE: Initially, it was scary on a variety of fronts. Are tenants going to pay? Are home improvement stores going to remain open? Are clients going to terminate our services? Are we going to be able to get inside the properties and beyond? All of these questions we had were answered within a short time frame, now that I look back on it. That was one of the most difficult periods in my tenure here at Nexus, and we applaud local, state and federal leadership for doing the best job possible to protect all Rhode Islanders.
PBN: Where are you seeing the biggest demand for rentals in Rhode Island? What are some of the most popular places to rent?
RICE: Historically, Providence has the highest draw for the obvious reasons. However, we have seen a recent desire for “suburbia” locations on the outskirts of the city because it offers more space, privacy and predictability. Now, more than ever, I believe society wants to feel comfortable and safe. Places like Lincoln, Warwick, Cranston, East Providence, Johnston and North Providence have been seeing a surge in demand and pricing.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
