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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Providence Real Estate Announces Sale of Its Gulf Coast Multifamily Portfolio

January 11, 2022 GMT

CHICAGO--(BUSINESS WIRE)--Jan 11, 2022--

Providence Real Estate, LLC (“Providence”), 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.”

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ABOUT PROVIDENCE REAL ESTATE, LLC

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. Providence is a fully integrated real estate organization with property, asset, and construction management, as well as acquisitions, accounting, information technology and human resource divisions. To learn more, please visit https://www.provre.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220111006040/en/

CONTACT: Providence Real Estate, LLC

Karen Phillips

P: +1-847-904-2008

E:kphillips@provre.com

KEYWORD: UNITED STATES NORTH AMERICA ALABAMA ILLINOIS FLORIDA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Providence Real Estate, LLC

Copyright Business Wire 2022.

PUB: 01/11/2022 03:07 PM/DISC: 01/11/2022 03:07 PM

http://www.businesswire.com/news/home/20220111006040/en