Grove Property Group brokers $11.3m sale of 128-bed Providence student housing portfolio

Providence, RI Grove Property Group completed the $11.3 million sale of a 43-unit, 128-bedroom student housing portfolio spanning 15 buildings in the city, which closed last week. Grove Property Group represented both sides of the transaction, with Harry Verenis representing the seller, D & D Realty, and Ryan Quinn and John Federico representing the buyer, GROMA, a Boston-based real estate firm beginning to acquire in Rhode Island.

The portfolio sits in one of New England’s most active student housing markets. The acquisition marks GROMA’s entry into Rhode Island as the firm expands beyond its established Greater Boston footprint, and GROMA plans to hold and operate the portfolio as a long-term investment.

By managing both sides of the transaction, Grove Property Group aligned pricing, diligence, and closing timelines across a complex multi-building portfolio and brought the deal to a clean close for both parties.

“Providence is a market I know well, and this portfolio represents exactly the kind of scaled, well-located student housing that long-term investors are searching for. We were able to deliver a clean process and certainty of execution for the seller while connecting the asset with a buyer positioned to operate it for the long run,” said Harry Verenis, who led the seller representation for Grove Property Group and brings deep experience in the Rhode Island market.

Grove Property Group maintains an active pipeline of off-market opportunities and represents buyers and sellers across all price ranges. Owners and investors interested in discussing a property are encouraged to contact John Federico, Ryan Quinn, or Harry Verenis at sales@gpgboston.com .