PROVIDENCE – A former mill in Providence that was converted into a 135-unit apartment building in 2004 recently changed hands in a nearly $27 million deal, according to the real estate firm that arranged the sale.
The four-story, 196,572-square-foot Rising Sun Mills multi-family, mixed-use apartment building at 166 Valley St. was bought by San Francisco-based FPA Multifamily LLC for $26.94 million from Armory Revival Co., said global real estate company Cushman & Wakefield. The Providence-based Armory Revival Company was a partner in the original $45 million revitalization of the former mill building, together with Struever Brothers of Baltimore.
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“Rising Sun Mills offered investors the rare opportunity to acquire a well-maintained, value-add multi-family asset,” said Chris Sower, executive managing director at Cushman & Wakefield, which represented the seller. “With the strength of today’s apartment market, we saw significant interest in this strategically located property.”
Located in the Olneyville neighborhood on Providence’s West Side, the brick Rising Sun Mills building consists of 135 loft-style units and also 30,000 square feet of commercial space. Those loft-style apartments include 31 studio units, 69 one-bedroom units and 35 two-bedroom units.
The property also features amenities including a 24-hour fitness center, community room, communal library, glass atrium, billiards and game room, modern event space and coworking spaces, according to Cushman & Wakefield.
Outside, the grounds include a deck and fish ladder overlooking Rising Sun Falls on the Woonasquatucket River, picnic spaces and a private cherry tree courtyard with a grill. The property is intersected by the Woonasquatucket River Greenway bike path.
Rising Sun Mills was part of a yarn factory built by an English immigrant named Charles Fletcher in the late 1800s, according to a senior research seminar in Architectural Studies at Brown University’s Department of the History of Art and Architecture. The mill closed in the 1950s. The building was part of a larger complex of mills that was constructed between 1881 and the 1930s, but the 1867 Rising Sun Mills building was the first building in Fletcher’s yarn company, Providence Worsted Mill. The original Rising Sun Mill building burned down, but its name was resurrected for the 2004 housing conversion in a building that was part of the yarn factor complex, according to the Brown University seminar.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
(photo for story updated)
.. very informative article …. recall circa 2003 when Struever Bros. was involved in the mill conversion of the Royal Mills & Ace Dye Company in West Warwick(RI) .. had such character, historical presence and was glad that it was saved and restored …