A Boston developer and major landlord said last week that he is buying the Moshassuck Square Apartments in Providence for $10 million and upgrading the 122-unit complex in the first step of an expected “major expansion” of his company into Rhode Island.
The complex, near the intersection of Charles and North Main streets, 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.
The buyer is The Mount Vernon Co. Inc., a $200 million company that owns and manages more than 1,200 rental units in Boston and surrounding communities.
Bruce A. Percelay, chairman of Mount Vernon, was born in Providence and raised in Pawtucket, where his parents still live. He said he remembers seeing Moshassuck Square being built. It reminded him of the Gordon School in East Providence – another 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.”
Percelay 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.
In addition, Percelay said, Mount Vernon will bring its “service-oriented management approach” to the complex, which has earned the company recognition as the region’s best landlord by Boston Magazine as well as the Community Excellence Award from the Greater Boston Real Estate Board.
“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.”
Mayor David N. Cicilline joined Percelay for the announcement, saying that he hopes “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.”
Percelay, who founded Mount Vernon 20 years ago, made it clear that the general economic climate in Providence was a factor in his decision to invest in the city.
“We have been extremely impressed with what has happened in downtown Providence,” he said, “and hope to make more investments in this city.”
