The Promenade Apartments Are No More—New Owner Changes Name
Thursday, April 07, 2022
Another new out-of-state owner is changing the name of a Rhode Island building.
In 2019, GoLocal reported that the historic Biltmore Hotel name was being changed by the Chicago-based hotel group that owns the property to the Graduate Providence.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe former Biltmore is owned by AJ Capital Partners, which asserts they have "over $2.3 billion gross acquisition value of real estate purchased since inception and more than $1.7 billion gross fair market value currently under asset management.”
Now, the Promenade Apartments name is being changed. The apartments were sold in October by the Foundry Associates to DSF Group — a Waltham, MA developer for a reported $105 million in cash and assumption of debt.
The Promenade apartments were painstakingly restored from vacant mill buildings of the old Brown & Shape complex into 430 luxury apartments by the Guerra family over 40 years.
Now, The Promenade Apartments are no more — the new name is Halstead Providence.
According to a staffer at the property, many of the company's properties are called "The Halstead."
History
The entire historic Brown & Sharpe mill complex was purchased by the late Antonio Guerra, a noted architect. He purchased the campus in 1968 and spent much of his life transforming the old mill buildings into one of the most expansive examples of transformational urban reuse.
The senior Guerra along with his son Tom Guerra and son-in-law Tony Thomas building-by-building rehabbed and marketed the entire 13-building mill property.
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