Elizabeth Building

Downtown Providence, RI

Clubhouse Capital, acting as the real estate advisor to a regional property owner, led negotiations on the sale of this historic 5-story commercial building at the foot of College Hill, an adjacent 3-story building, and a half-acre parking lot facing Downtown Providence. The property, built in 1872 and scheduled on the National Historic Register, had long been used for state offices before a 2010 renovation converted it to 40 micro-sized student apartments. Achieving some of the highest monthly rental rates in the City (just under $4/sf), the property generated substantial interest among the country’s student housing developers. The owner sought and obtained entitlements to build an 11-story,150 unit apartment property on the parking lot. A student housing developer acquired the buildings and parking lot, in the process modifying the new building design to add 3 stories and an additional 29 units. Clubhouse Capital advised the owner on all phases of the transaction. (Winter 2017)