Pennrose Cuts Ribbon Second Phase of Providence Mixed-Income Rentals
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
Pennrose, the 195 District, the City of Providence, Rhode Island Gov. Dan McKee, Mayor Brett Smiley, and project partners held the grand opening of Tandem, the second and final phase of the transformation of a 195 Dis…
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