GLENVIEW, Ill.--(BUSINESS WIRE)--Providence, the parent company of Providence Management Company, LLC, today announced the sale of its interest in a 14-property, 3,451-unit multifamily joint venture portfolio (the “MultiState Portfolio”) located throughout the Carolinas, Alabama, Georgia and Kentucky. Providence earned over a 39% internal rate of return on its investment, not including investment management performance fees.
The portfolio included three properties in Charlotte, NC, three properties in Greensboro, NC and three properties in Greenville, SC. In addition, the portfolio included properties in Columbia, SC, Spartanburg, SC, Huntsville, AL, Savannah, GA and Lexington, KY.
"The successful sale of the interest in our MultiState Portfolio is yet another great accomplishment in our 33-year history, earning over a 39% internal rate of return at the property level primarily due to our ability to identify unrealized opportunity in the multifamily space, successfully execute a portfolio-wide renovation program and recognize the optimum time to harvest assets. The success of our investment in the MultiState Portfolio demonstrates, once again, the ability of our organization to acquire, manage and realize value in large portfolios of disparately located strong Class B workforce multifamily properties.” said Alan Pollack, Providence’s Chairman.
Providence and its’ property management subsidiary, Providence Management Company, LLC, have been an active owner, operator, manager, and asset manager of multifamily residential communities since 1985. Providence consists of a motivated group of professionals dedicated to searching for, identifying, acquiring and operating multifamily properties in select markets. Providence seeks to create additional value and provide superior risk adjusted returns by improving assets, through renovation, management, repositioning, and increased operational efficiencies. To learn more please visit https://www.provman.com.