Luxury Apartment Complex, Providence, RI
Luxury Apartment Complex, Providence, RI
Helping a REIT reap luxury value.
The Challenge
The property is a well-located, luxury apartment building in Providence, Rhode Island, and had 20,000 SF of vacant space on the ground floor. To help remedy that situation – and find tenants that would appeal to the building’s residential community – the owners, one of the nation’s largest apartment REITs, hired Capstone.
The Assignment
To find quality tenants, maximize rental rates, and manage construction costs.
The Solution
Capstone converted the vacant 20,000 sf into multi-tenant space and completed leases with the following tenants: law offices (4583 SF), Title Companies (3,000 SF), Restaurant (1,800 SF), Insurance Company (8,300 SF), Environmental Management Regulations Company (2,100 SF), and Salon (1,000 SF).
Acting as a construction manager, Capstone completed over $500,000 of multi-tenant fit-out on a cost plus basis, including two separate main entrances and two common restrooms.
The Result
Capstone’s ability to manage the lease-up process and handle all construction and space planning functions in-house was a critical factor in delivering the competitive rental rates that enabled the REIT to compete with nearby downtown alternatives.