CHICAGO, IL - Providence Real Estate, a multifamily owner-operator, announced the sale of a six-property, 1,463-unit multifamily portfolio (the “Gulf Coast Portfolio”) located in Pensacola and Tallahassee in Florida, and Mobile in Alabama.
The Gulf Coast Portfolio was originally acquired in a joint venture with a publicly traded corporation that provides private debt and equity to U.S. companies.
“The tremendous success of the Gulf Coast Portfolio continues Providence’s 37 years of outsized returns resulting from our entire team’s focused experience and extensive resources in investing, operating and harvesting U.S. value-add multifamily properties,” said Alan Pollack, Providence’s Chief Executive Officer.
Kevin Finkel, Providence’s Executive Vice President, added, “I believe the high internal rate of return and equity multiple of this portfolio sale demonstrates Providence’s ongoing ability to uncover tremendous investment opportunities across the spectrum of workforce multifamily housing and in a wide variety of metropolitan areas.”
Providence and its affiliates have been an active owner-operator of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating, and operating multifamily properties in select U.S. markets.
Source: Providence Real Estate