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ATHENA GROUP LLC
THE 903 RESIDENCES has 330 condominiums, only 30 percent of which have been sold. The rest are scheduled to be auctioned next month.
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PROVIDENCE — The 233 unsold condominium units at The 903 Residences in Providence are scheduled to go on the auction block for a mortgage sale on Dec. 17.
Built in 2004, The 903 contains 330 condos – 97 which have been sold – and a 584-space parking garage near Providence Place. Many of the unsold units are being rented for an average of $1,330, according to CB Richard Ellis, which has been retained to market the property.
Paolino Properties, an investor that manages the property, referred questions to project owner The Athena Group LLC, a New York-based real estate investment firm. Calls to Athena were not answered on Friday.
In March 2008, Athena received an offer from an Irish company to purchase The 903 Residences. The owners of the building decided to “test the waters” by putting the complex on the market, Joseph Paolino Jr., a principal in Paolino Properties, told Providence Business News at the time. However, there appears to have been no takers.
Billed as a luxury residence, condos at The 903 offer granite countertops, stainless steel appliances, 9-foot high ceilings, and in some cases, private balconies, spiral staircases and hardwood floors, according to the property’s Web site.
The mortgage sale, if it occurs, comes during a difficult time for the condo market. The Rhode Island Association of Realtors reported the median condo sales price slid 29 percent to $161,000 last month compared with a year earlier, although the number of sales increased.