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Private equity firm buys Providence Place

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  • | 1:41 p.m. August 20, 2010
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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.


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