Please ensure Javascript is enabled for purposes of website accessibility

Private equity firm buys Providence Place


  • By
  • | 1:41 p.m. August 20, 2010
  • | 2 Free Articles Remaining!
  • Commercial Real Estate
  • Share

BUYER: Brandon Multifamily Partners LLC (Govan White), Nashville, Tenn.


SELLER: Providence Place Apartments Limited Partnership


PROPERTY: 1801 Princeton Lakes Drive, Brandon


PRICE: $30 million


PREVIOUS PRICE: $11.85 million, May 1998


LAW FIRM ON DEED: Ingram Yuzek Gainen Carroll & Bertolotti LLP, New York City


PLANS, DESCRIPTION: Nashville, Tenn.-based Covenant Capital Group purchased the 444-unit Providence Place Apartments for $30 million.


The price equated to $67,568 per unit.


The apartment complex, previously known as the Summit Providence Place Apartments, features laundry facilities and a pool. It also has tennis, racquetball and basketball courts.


Covenant Capital Group, a private equity firm, purchased the complex for its $140-million Covenant Apartment Fund VI. The firm targets properties nationwide, but primarily buys in the Southeast and Midwest. It avoids the top 10 markets in the country, a spokesman says.


Covenant Capital manages assets of more than $355 million from institutional and high net worth investors. Its funds have a total portfolio value of more than $1 billion and include more than 19,170 rental units.


CW Capital LLC arranged a $23.5 million loan provided by Freddie Mac on the property.

 

Latest News