Providence Real Estate Announces Sale of Arlington Park at Wildwood Apartments

Investment Delivers 20.5% IRR and 2.6x Equity Multiple Return

CHICAGO, IL, UNITED STATES, December 2, 2024 /EINPresswire.com/ -- Providence Real Estate, LLC (“Providence”), a multifamily owner-operator, has announced the successful sale of Arlington Park at Wildwood Apartments (the “Property” or “Arlington”), located in the Marietta submarket of Atlanta, Georgia.

Acquired by Providence in 2013 through a joint venture with a publicly traded corporation specializing in private debt and equity, the Property delivered an internal rate of return (IRR) of 20.5% and a 2.6x equity multiple.

Arlington is a 128-unit apartment community located in Marietta, Georgia, a vibrant submarket of Atlanta. Situated in the Platinum Triangle—a major development hub with 125,000 jobs and 42 million square feet of office space—the community provides excellent access to key employment centers, including Downtown, Midtown, and Buckhead, all within a 15-minute drive.

Residents also benefit from proximity to The Battery Atlanta, a premier mixed-use lifestyle destination, and Truist Park, home of the Atlanta Braves. The area boasts affluent demographics, with average household incomes exceeding $122,000 and average home values of $469,000.

“This sale highlights Providence’s proven expertise in achieving exceptional returns, even during long-term hold periods,” said Alan Pollack, Chief Executive Officer of Providence. Kevin Finkel, President of Providence, added: “The Arlington sale underscores our ability to deliver strong results despite significant challenges. The development of the Atlanta Braves’ new stadium required major infrastructure changes, including a government-mandated road through the property via eminent domain. Through persistent negotiations with government entities, we successfully navigated these obstacles and delivered outstanding outcomes for our investors.”

ABOUT PROVIDENCE REAL ESTATE
Providence and its affiliates have been active owner-operators of multifamily residential communities since 1985. The team has acquired over 65,000 apartment units valued at more than $7.5 billion. Providence is a fully integrated real estate organization, with expertise in property, asset, and construction management, as well as acquisitions, accounting, information technology, and human resources. To learn more, please visit www.provre.com.

Providence Real Estate
Karen Phillips
+1 847-904-2008
email us here
Visit us on social media:
Facebook
LinkedIn