GLENVIEW, Il., March 23, 2018 – 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.