PROVIDENCE – Boston developer Bruce A. Percelay, chairman of The Mount Vernon Co. Inc., today announced he is buying the Moshassuck Square Apartments for $10 million.
The 122-unit complex, near the intersection of Charles Street and North Main, has been owned by Picerne Real Estate Group for the past 25 years. Built in the mid-1970s, it was architect William Warner’s first major urban project. The Moshassuck River flows between its buildings, which are linked by a wooden bridge.
Percelay, born in Providence and raised in Pawtucket, said he remembers seeing the complex built. It reminded him of the Gordon School in East Providence – another Bill Warner building – where he studied as a child. “The acquisition of this property brings me full-circle,” Percelay said, “and I look forward to upgrading it in a way that will well serve this market and maintain the integrity of this well-designed property.”
He said Mount Vernon will upgrade the kitchens, baths and common areas, add a fitness center and computer room to the complex, and upgrade the landscaping to make the river a focal point. “We are very aware of how much rental competition there is in this market,” he said, “but are very confident that when tenants begin to see how attentive we are as landlords and what we plan to do to the buildings, they will be drawn to this property.”
The purchase is the first in what Percelay sees as a “major expansion” of his company into the Providence market. He was joined for the announcement by Mayor David N. Cicilline, to whom he presented 250 boxes of cookies purchased from the Girl Scouts of Rhode Island headquarters next door to the apartment complex.
“This is an exciting time in the city, with unprecedented economic development activity,” Cicilline said, “and it’s my hope the company’s pledge to upgrade the apartments while keeping the property competitively priced adds to the vitality and quality of life in this neighborhood.”
The Mount Vernon Co. Inc., founded by Percelay 20 years ago, owns and manages Boston-area properties valued at $200 million, and has been named the region’s best landlord by Boston Magazine. Additional information is available at www.mvernon.com.
