Picerne Real Estate Group built the foundation for its business model by building single-family homes in Rhode Island before success led to the development and management of multiunit housing properties around the country.
Founded by Romeo Picerne in 1925, the company is geared toward stability and sustainability, operating on a blueprint calling for the utilization of teamwork and family values while supervising the acquisition, development, construction and management of multifamily properties.
“The vision has come true and grown beyond what [Romeo] could have expected,” said Fred DiFusco, district manager at the Warwick corporate office. “It’s a Rhode Island company that turned into something pretty impactful nationally.”
The company’s third generation, led by David Picerne, CEO and president, branched off from its Rhode Island operation in 1982 to the Southwest region of the United States to grow the business. The company expanded over the ensuing decades, managing properties in Arizona, Florida and Nevada.
“Nationwide, we have just under 20,000 total multiunit apartment homes in 93 communities,” said Ron Serpa, district manager at the Warwick office.
The company also manages an affordable housing component aimed at long-term elderly and disabled care, working in partnership with the U.S. Department of Housing and Urban Development.
Serpa said that despite its diverse portfolio, the primary branch of the organization continues to be the multifamily housing division.
Its 130 Rhode Island employees are focused on the management and revitalization of more than 3,800 apartment homes in 24 locations throughout the state.
In 2009, the company embarked on a three-year, $26 million upgrade campaign for its multifamily apartment properties in Rhode Island. The improvement work to Picerne’s properties continues today.
“The portfolio has changed a bit since 2009 but the modernization initiatives have continued year after year,” said Serpa, noting that upgrades were performed at the Bayside Country Club, and Shady Oaks and Cowesett Hills apartment properties.
One of the upgrades was an $850,000 expansion of the Cowesett Hills clubhouse, adding a gathering space and state-of-the-art fitness center. The company has spent $4.4 million in total on upgrades to the property, which was built in 1968.
Serpa said Picerne values the relationships it has with local architects, builders, contractors and vendors for conducting work on its properties.
Although the company is focused on its properties, the greatest source of pride is its workforce. Promotion is a focus in developing its labor force, beginning with local college internships.
Serpa, who was hired by Picerne after graduating from the University of Rhode Island, said the company is big enough to provide opportunities for advancement, and small enough so employees can become known within the company.
“Family has been the company’s mantra – from the Picerne family down to us – and a focal point when we are explaining who we are to people,” he said.
DiFusco said the company operates with an infectious culture of collectiveness and enjoyment that permeates its workforce and is passed along to the community and its business partners.
“We’re families helping families,” he said.
OWNER: The Picerne Family, under the leadership of Ronald Picerne
TYPE OF BUSINESS: Full-service property management and real estate development firm
LOCATION: 75 Lambert Lind Highway, Warwick
EMPLOYEES: Approximately 600 nationwide/130 local
YEAR FOUNDED: 1925
ANNUAL REVENUE: WND
Cassius Shuman is a PBN staff writer. Email him at Shuman@PBN.com.
