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.
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