Business

Providence sells stake in 14-property venture

Posted March 26, 2018 1:00 am

Business Wire

GLENVIEW - Providence, the parent company of Providence Management Company, LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky.

Specific terms of the sale were not announced.

The portfolio included three properties in Charlotte, N.C., three properties in Greensboro, N.C. and three properties in Greenville, S.C. In addition, the portfolio included properties in Columbia, S.C., Spartanburg, S.C., Huntsville, AL, Savannah, Ga. and Lexington, Ky.

Providence earned more than a 39 percent internal rate of return on its investment, not including investment management performance fees.

"The successful sale of the interest in our Multistate Portfolio is yet another great accomplishment in our 33-year history," said Alan Pollack, Providence's Chairman.

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