CHICAGO, IL – Providence Real Estate, a multifamily owner-operator, announced the sale of a six-property, 1,463-unit multifamily portfolio (the Gulf Coast Portfolio ) located in Pensacola and Tallahassee in Florida, and Mobile in Alabama.
The Gulf Coast Portfolio was originally bought in a joint venture with a publicly traded corporation that provides private debt and equity to U.S. companies.
The tremendous success of the Gulf Coast Portfolio continues Providence s 37 years of outsized returns resulting from our entire team s focused experience and extensive resources in investing, operating and harvesting U.S. value-add multifamily properties, said Alan Pollack, Providence s Chief Executive Officer.
Kevin Finkel, Providence s Executive Vice President, added, I believe the high internal rate of return and equity multiple of this portfolio sale demonstrates Providence s ongoing ability to uncover tremendous investment opportunities across the spectrum of workforce multifamily housing and in a wide variety of metropolitan areas.
Providence and its affiliates have been an active owner-operator of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating, and operating multifamily properties in select U.S. markets.

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HOUSTON, TX – Venterra Realty bought Stoneridge on the 8, formerly Advenir at Stone Park, in Houston, Texas. The 480-unit, three-tale multifamily community was built in two separate phases in 2004 and 2007.
Located along Beltway 8 in Houston, Stoneridge offers brilliant connectivity to its residents, within 1.5 miles of two other major highways, Interstate-10 and Highway 90. The Port of Houston, about 6 miles from the property, is one of the leading employment drivers in the Houston Metro area and serves as the epicenter of the petrochemical industry in the U.S.
The property provides renters with an extensive amenity package, including two resort-inspired swimming pools, an around-the-clock fitness center, a resident game room, detached garages, additional covered parking and bark parks for small and large pets. The community offers modern finishes with black or stainless-steel appliances, oversized closets, garden tubs, double sink vanities, and private patios or balconies perfect for enjoying neighborhood views.
“Houston is one of the quick-growing metropolitan areas in the United States, with its population growing 20.3% from 2010 to 2020 ranking top three nationwide. So Stoneridge on the 8 is naturally a valuable investment to be added to the growing Venterra portfolio in this top-performing market,” said Venterra Realty Chairman, Andrew Stewart.
Venterra will implement its resident-focused programs such as the Live it. Like it. Guarantee, the 48-Hour Maintenance Guarantee, SMARTLEASING, as well as their overall commitment to providing a world-class living experience for which Venterra has become known.
“Houston is our headquarters and the city that housed the first properties Venterra managed over 20 years ago. We have seen first-hand the growth potential for this area of the country and are excited to expand our portfolio in a city we are confident will provide fantastic return on investments,” said John Foresi, CEO of Venterra Realty. “This property in particular offers significant opportunity and will benefit substantially from the completion of a unit upgrade program, the addition of the SMARTHOME technology package, and the deployment of Venterra’s customer-focused management platform.”

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HUMBLE, TX – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has bought The Park at Tour 18, a 241-unit, Class “A” apartment complex in the highly attractive Greater Houston Texas market.
“Multifamily acquisition is a core strategy for Civitas in 2022,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “The combination of a stabilized property, high-quality new construction, and a quick-growing market made this a win-win for the developer and for Civitas.”
Located 10 minutes east of George Bush Intercontinental Airport and 30 minutes northeast of downtown Houston, Texas, the property sits adjacent the Tour 18 Golf Course. The community is surrounded by gorgeous views and conveniences, including restaurants, shopping centers, and parks. Community features include a nature trail, a two-tale fitness center, a resort-style swimming pool, and attached garages in select units.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to over 11% above the national average.
The Park at Tour 18, which closed December 9, is the fifth multifamily property Civitas has bought since this past summer and the second in the Houston MSA.
BHW Capital, the Houston-based developer of Park at Tour 18, was formed in 2012 by Martin Bronstein & Ralph Howard. It focuses on multifamily development opportunities in suburban infill locations targeting underserved locations across major Texas markets.
Bryan Tran, vice president at BHW Capital, said, “Park at Tour 18 is the third development BHW Capital has completed the full investment life cycle. Following the latest project’s success, we plot on continuing to grow our multifamily development pipeline across high-growth Texas suburban markets.”

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