Real Estate in RI: RPL Closes Rhode Island’s Highest Loft Sale Ever Recorded

Residential Properties Ltd. announced the sale of 116 Chestnut Street, Unit #H in Providence for $1.62 million. RPL Sales Associate Jim DeRentis represented the seller and Sales Associate Derek Simpson represented the buyer in this transaction.

According to State-Wide MLS data, this is the highest Loft sale ever recorded in Rhode Island and the third-highest Condominium sale in Providence County year to date.

This stunning 2-bedroom, 2-bath loft designed by an award-winning architect has over 3,100 sq. ft. of sophisticated living space. With 12-ft. ceilings, oversized windows spanning three sides, custom casework, Lutron lighting, remote-controlled blinds, and state-of-the-art climate control, this home provides a world of beautiful, comfortable urban living.

An artisan-crafted steel door glides open to reveal the guest bedroom. Tucked into the custom casework is an adjoining bath with floor-to-ceiling slate tile, a wood vanity with a vessel sink, and a glass-enclosed shower.

At the front of the unit is a home office with western views to capture amazing sunsets. The open living plan expands the length of the loft and includes living and dining areas staged for entertaining, as well as a stunning kitchen featuring stone counters, top-of-the-line appliances, a center island, and a pantry behind custom cabinetry.

An informal sitting area houses an audio-visual entertainment center, while the private primary suite enjoys views of downtown and a bath with heated floors.

Jim DeRentis is Residential Properties’ Top Producing Sales Agent and the top selling agent for sales over $1 million on the East Side. He has been a recipient of the Circle of Sales Excellence Platinum Plus Award each year since 2011 when he was named Rookie of the Year. For the past 11 years, Jim has been included on the “REALTrends Verified” list of the country’s top real estate professionals and in 2020 was named to “The 1000.” For the past five years consecutively, he has been named the #1 individual agent in the state for transaction sides, and according to State-Wide MLS data was the only agent to achieve $100 million in Rhode Island sales in 2024. Each year since 2022, he has earned the ranking of #1 agent in Rhode Island for transaction sides. To learn more about Jim and to view his listings, please visit ThePVDRealEstateGuy.com.

A lifelong Rhode Islander, Derek Simpson is a skilled real estate advisor who ensures long-term client success by building trust and creating well-rounded portfolios. He spent a decade purchasing and flipping units in downtown Providence before completing his first home flip on the East Side in 2022. In 2025, RealTrends Verified ranked him among the top 30 individual agents in Rhode Island for sales volume with $22,590,000. In addition to his impressive record of selling high-rise condos throughout RI, he has a true gift for preserving the character of historic homes while tastefully updating them for modern needs. To learn more about Derek and to view his listings, please visit DerekSimpson.ResidentialProperties.com.

About Residential Properties Ltd.
Residential Properties Ltd. is the largest privately held real estate company in Rhode Island and has been serving sellers and buyers of distinctive properties since 1981 through service, innovation, and sheer hard work. The Company, with nine local offices in Barrington, Cumberland, East Greenwich, Jamestown, South County, Newport, Providence, the West Side (PVD), and Westport, Massachusetts, is proud to service all of Rhode Island, the Connecticut shoreline, and southeastern and central Massachusetts. In addition, as founding members of Leading Real Estate Companies of the World and Luxury Portfolio International, RPL and its award-winning Relocation Department assist buyers and sellers on transactions throughout the country and around the globe. More information is available at ResidentialProperties.com. 

*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of July 2025.