real estate

Developer to construct apartments at Rumford Center

COURTESY WEBSTER BANK
KIRKBRAE DEVELOPMENT CORP. and the Peregrine Group will add 23 apartments to the Rumford Center in East Providence.
Posted 9/2/11

EAST PROVIDENCE – Kirkbrae Development Corp. and the Peregrine Group plan to construct 23 apartments at the Rumford Center.

Construction on the apartments began early last month and is expected to finish in January. Building No. 3 on the site will host seven two-bedroom apartments and eight one-bedroom apartments.

Building No. 8 will host eight two-bedroom apartments on the second floor, originally slated as commercial space. Peregrine Property Management, an offshoot of the Peregrine Group, will manage all the apartments.

Peregrine Property Management Principal Brendan Kane said the developers were moving forward on the roughly $2.5 million project thanks to strong demand in the apartment market.

“We believe those [apartments] are going to absorb very, very quickly,” he told PBN.

The existing 89 apartments at the Rumford Center are all occupied and some of the new apartments are already pre-leased, Kane said. The center is seeing interest from renters unable to secure loans to purchase homes as banks clamp down on lending in wake of the financial crisis. The apartments are also drawing interest from elderly couples looking to downsize, Kane said.

Rent for the new apartments will range from $900 to $1,900 a month depending on size and amenities.

After the apartments are finished, the property will host 112 apartments and 37,000 square feet of retail and commercial space, including 7-Stars Bakery, Avenue N American Kitchen Restaurant, PUNCH Gym, Christina Squire Salon and TIMBAR Packaging Corp.

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