Providence Real Estate Announces $100 Million Fundraise as the Providence Multifamily REIT Closes
Middle-market investment bank Jordan Knauff & Company (JKC) is pleased to announce that Providence Real Estate (Providence or the Company) has closed on Providence Multifamily REIT, Inc. to facilitate the acquisition of properties located in growing southern markets in the United States. Providence is a real estate investment and management firm specializing in multifamily properties. JKC served as a secondary capital provider to Providence and its other capital advisors.
Providence’s strategy centers around the opportunity to renovate, manage, recapitalize, and consolidate a portfolio of multifamily properties. Due to Millennials / Gen Z and a shifting baby boomer generation, there is a large and growing demand for multifamily real estate. Younger generations have become renters who prefer mobility and affordability in their housing. While baby boomers are shifting to renting as life expectancy increases.
Providence is a fully integrated real estate operator with property, asset, and construction management, as well as acquisitions, accounting, information technology, and investor relations divisions. The Company consists of an experienced group of professionals dedicated to identifying, underwriting, acquiring, renovating, and managing multifamily properties throughout the U.S. A large inventory of un-renovated apartments creates a value-add opportunity, as Providence focuses on low risk, high impact cosmetic improvements versus ground up development or major renovations. The Company’s REIT holdings currently include three properties located in Atlanta, Georgia; Orlando, Florida; and Houston, Texas.
Since its founding in 1985, Providence has acquired approximately 20,000 apartment units (over 80 properties) worth over $2 billion. Providence currently owns and manages 16 properties with approximately 5,000 units located in Florida, Georgia, North Carolina, and Texas. The Company has regional offices in Alabama, Florida, and Pennsylvania.
The Company’s strategy and operations are led by long-tenured multifamily property specialists. Mr. Alan Pollack, Co-founder and Chief Executive Officer, has 37 years of multifamily experience. Executive Vice President, Mr. Kevin Finkel, and Mr. David Connolly, Chief Operating Officer, have worked in the multifamily sector for 21 and 22 years, respectively.
Mr. David Kakareka, Managing Director of JKC, commented, “The supply and demand imbalance for multifamily housing has increased due to a lack of historical new apartment construction, while rising construction costs have resulted in renovations becoming more attractive. Providence is well-positioned to take advantage of this market opportunity based on its multi-disciplinary approach to property investments and operations.”
About Jordan Knauff & Company
Jordan Knauff & Company is a knowledgeable and experienced provider of a comprehensive line of investment banking services to private companies. Our services include selling companies, raising debt and equity capital, acquisition advisory services, and strategic business services to companies in a variety of industries, including among others, business services, energy logistics and distribution, flow control (pumps, valves, filtration), real estate, plastic injection molding, healthcare services, and building products and services. Typical transaction sizes range from $10 million to $300 million in total consideration.
Mr. G. Cook Jordan, Jr., Co-founder and Managing Principal, has over 30 years of private equity and investment banking experience, and seven years of executive and operations experience in middle-market companies. JKC’s entire professional team have spent their careers in the middle-market and offer that expertise and knowledge to their clients. It is their mission to provide the best available transaction advisory services along with in-depth industry specific research to middle-market companies and the entrepreneurs who lead them. For more information, please visit www.jordanknauff.com. JKC is a member of FINRA.
Equity Capital Raise