Picerne Real Estate Group

What Picerne Real Estate Group does

Picerne Real Estate Group is a privately held, vertically integrated real estate firm founded in 1925 and currently in its third generation of family ownership under CEO David Picerne. Headquartered in Warwick, Rhode Island, the company operates across nine states and territories (Arizona, Connecticut, Florida, Massachusetts, Nevada, Rhode Island, Texas, West Virginia, and Puerto Rico), supported by regional offices in Warwick, Phoenix, Las Vegas, Altamonte Springs, and San Juan. It manages a portfolio of 74 properties spanning luxury market-rate apartments, LIHTC and Section 8 affordable housing, single-family home neighborhoods, and commercial real estate (retail, office, industrial), with 700+ employees in residential property management and 2,000+ apartment homes managed on a third-party fee basis for outside investors.

The core operating model integrates development, construction, and property management under one platform, including in-house general contracting and the proprietary University of Picerne training program. Revenue is generated through four streams: recurring multi-family residential rents (both market-rate and subsidized), third-party fee management for outside investor groups, commercial property management (concentrated in Rhode Island with 25+ retail/office/industrial assets), and development and construction services. Sub-brands such as Level 25 by Picerne, The Oasis by Picerne, The Preserve by Picerne, Picerne Commercial, and Picerne Homes structure the product surface, and distribution is executed through dedicated property websites on the RENTCafe platform, on-site leasing teams, and direct tenant relationships for commercial leasing.

The company holds IREM Accredited Management Organization status and has been recognized as an NAA Top Employer (2022, 2023) and a Providence Business News Best Places to Work honoree (2020, 2022, 2023). The business is family-controlled with no disclosed private equity, venture capital, or institutional investor ownership, and no revenue, funding, or valuation has been publicly disclosed.

Name

Picerne Real Estate Group

Legal name

Picerne Real Estate Group

Website

https://picerne.com

Company type

Private

Founded year

1925

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Picerne Real Estate Group is a vertically integrated, family-owned real estate firm founded in 1925 that develops, constructs, and manages 74 luxury, affordable, single-family, and commercial properties across nine US states and Puerto Rico, serving residents, outside investor groups, and commercial tenants.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development & Property Management

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Rental and Leasing Services (532)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential Real Estate Asset Management (BPAJAMAA)

akta.pro secondary industry

Luxury & High-End Residential Brokerage (BPAJAAAC)

Keywords

• Multifamily property management
• Real estate development
• Luxury apartment communities
• Affordable housing management
• Commercial real estate leasing

Headquarters

HQ city

Warwick

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Multi-Family Residential Rent: Rental income from owned and operated luxury apartment communities and affordable housing properties across multiple states.
2. Fee Management Services: Third-party property management services for outside investor groups. Currently managing more than 2,000 apartment homes on a fee basis.
3. Commercial Property Management: Management of over 25 retail, office, and industrial properties in Rhode Island market including shopping centers, strip centers, office buildings and industrial parks.
4. Development and Construction Services: Full-service development and construction project management for multifamily and single-family residential development. Also acts as general contractor for external clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Picerne Real Estate Group is a full-service construction, development, management, and acquisition real estate firm that owns, operates, and manages 74 multifamily and commercial properties across nine U.S. states and territories. Its offerings include branded luxury apartment communities, affordable housing (LIHTC and Section 8), Rhode Island commercial real estate leased to national tenants, and third-party fee management services for more than 2,000 apartment homes owned by other investors.

Product overview

Picerne Real Estate Group operates a vertically integrated real estate platform offering property management, development, construction, and commercial real estate services. The core product portfolio includes luxury Multi-Family Market Rate apartment communities under brands like Level 25 by Picerne and The Oasis at 301, Multi-Family Affordable apartments (including LIHTC Tax Credit and Section 8 properties), Single-Family Home neighborhoods, and Commercial Real Estate properties. Supporting services include Development Services, Construction Services, Property Management Services, and Third-Party Fee Management. The company manages over 74 properties across nine states and Puerto Rico through regional headquarters in Arizona, Rhode Island, and Florida.

Differentiator

Problem solved

Functional benefit

Brands

• Level 25 by Picerne: Luxury apartment community brand with multiple locations in Nevada (The Curve, Cactus, Durango, Oquendo, Sunset)
• The Oasis by Picerne
• The Preserve by Picerne
• University of Picerne (UOP)
• Picerne Commercial
• Picerne Homes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Puerto Rico Housing Finance AuthoritycoreStrategic or Co-development PartnerStrong ties with the Puerto Rico Housing Finance Authority for housing development projects on the island.
• ViviendacoreStrategic or Co-development PartnerPartnership with Puerto Rico's housing authority for social interest housing development.
• Corporations, Governments, Builders, Architects, and EngineerscoreStrategic or Co-development PartnerStrategic partnerships for development, construction and management projects including governments, builders, architects, and engineers.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• WinnCompanies: Privately held multifamily developer, manager, and fee manager with deep affordable housing (LIHTC/Section 8) exposure. Directly comparable to Picerne's mixed-income operating model.
• Bozzuto Group: Privately held, vertically integrated real estate firm focused on multifamily development, construction, and management across the US. Closely comparable to Picerne in combining development, construction, and property management under one brand.
• Lincoln Property Company: Vertically integrated multifamily developer, owner, and third-party manager with national scale. Comparable to Picerne's integrated development, construction, and management approach across multiple US regions.
• ConAm Group: Privately held multifamily property manager, developer, and fee manager focused on West Coast and Sunbelt markets. Comparable to Picerne's owned-and-managed multifamily operations in growth markets.
• RangeWater Real Estate: Privately held multifamily developer and manager with a Sunbelt-heavy footprint including Nevada, Arizona, Florida, and Texas. Directly comparable to Picerne's Level 25 and Oasis luxury brand portfolio in those states.

Broad incumbents

• Greystar Real Estate Partners: Largest multifamily property manager and developer globally, operating owned, third-party, and fee-managed portfolios. Comparable to Picerne's combined owned-portfolio plus 2,000+ unit third-party fee management business.
• The Related Companies: Large diversified real estate developer with significant affordable and mixed-income housing exposure. Comparable to Picerne's affordable housing programs and development pipeline.
• Apartment Investment and Management Company (Aimco): Public multifamily REIT with development, redevelopment, and management capabilities. Comparable to Picerne's owned apartment portfolio plus value-add and acquisition strategy.
• JLL Multifamily (JLL Capital Markets): Global real estate services firm with multifamily investment sales, debt placement, and property management. Comparable in servicing the same investor-owner ecosystem that supplies Picerne's third-party fee management clients.

Emerging players

• Hawthorne Residential Partners: Privately held multifamily property management firm with third-party fee management focus. Comparable to Picerne's third-party fee management business serving outside investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/PicerneRealEstateGroup
• LinkedInlinkedin.com/company/picerne-development-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Picerne Real Estate Group