Luxury Apartment Complex with Retail Store Fronts, Providence, RI
Luxury Apartment Complex with Retail Store Fronts, Providence, RI
Enhancing long term value – without disrupting existing tenants.
The Challenge
The owner of a 116,000 SF luxury apartment complex and commercial building on the east side of Providence, Rhode Island wanted to make substantial capital improvements to enhance the long-term value of the property – without causing disruption to tenants. Capstone was hired to make it happen.
The Assignment
To renovate an existing luxury apartment building while maintaining full occupancy.
The Solution
Capstone bid and managed over $1.0 M of capital improvement projects that included a new roof, windows, repointing, elevators, boiler and mechanical systems, landscaping, common areas, and numerous apartment and kitchen renovations.
All vendor contracts were reviewed for competitiveness and quality of work.Capstone completed a successful re-financing and placed competitive 10-year financing on the property, allowing the owners to continue their long-term improvement plans.
The Result
Capstone successfully completed all major capital improvement projects while maintaining a 98% occupancy level. The improvements increased the apartment project’s overall marketability by adding service uses that are compatible with luxury living and contribute to the apartment amenity package. Leasing was secured for a 1,100 sf hair salon, 4,600 sf restaurant, and 1,000 sf office user.