Providence Real Estate Announces $100 Million Fundraise as the Providence Multifamily REIT Closes
REIT Continues to Acquire Southeastern U.S. Multifamily Properties
CHICAGO–(BUSINESS WIRE)–#Diversity–Providence Real Estate, LLC (“Providence”), a multifamily owner-operator, announced the final close of its most recent private equity fund, the Providence Multifamily REIT and its affiliated entities, (together the “Fund”). The Fund raised approximately $85 million in commitments from investors throughout the United States, Europe, South America, and Asia. In addition, the Fund has raised over $15 million in co-investments.
The Fund makes investments in well-located multifamily properties that demonstrate an opportunity to be renovated and achieve higher rents from workforce renters in growing cities throughout the U.S. Currently, the Fund owns the Stratford Apartment Homes in Atlanta (Perimeter Center), the Infinity Off Baldwin Park Apartments in Orlando and the Crosley Tanglewood Apartments in Houston.
Providence’s CEO Alan Pollack stated, “We are very pleased with the fundraising outcome for the Providence Multifamily REIT that was conducted during a uniquely challenging period that spanned the entire COVID-19 pandemic and the following inflationary period. While a complicated capital raising environment, investors remained hungry for investment opportunities with fund sponsors and operators who have long track records of profitable multifamily investments throughout a variety of challenging environments.” Kevin Finkel, Providence’s EVP, stated, “Today, the Fund is populated with multifamily properties that have experienced significant rental growth since their acquisitions, and we look forward to deploying the remaining equity capital of the Fund into an environment that we believe may provide significant opportunities to experienced multifamily buyers with discretionary capital.”
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.
Contacts
Media Contacts
Karen Phillips
P: +1-847-904-2008
E: kphillips@provre.com