CHICAGO, IL, October 31, 2022 — 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.”