FL-Based RAS Realty Closes on $65M Sale of Alabama Rental Community

The real estate investment, development and management group sells the Moderne at Providence Apartments to The Sterling Group.

HUNTSVILLE, AL—RAS Realty Partners a full-service real estate investment, development and management firm based in Boca Raton, FL, has sold The Moderne at Providence, a 300-unit luxury rental community at 30 Gates Mill Street NW in Huntsville, AL, to The Sterling Group for $64.75 million.

The property was originally purchased by RAS in 2018 for approximately $45 million.

“The Moderne at Providence has been one of the strongest performing assets in our portfolio for the past three years,” said Michael Heller of RAS Realty Partners. “The rapid growth of the Huntsville market since our acquisition in 2018 has allowed us to achieve tremendous rent growth. This was an off-market sales opportunity that far exceeded our original expectations. We also recognize The Sterling Group is an excellent operator that will do well with this exceptional asset.”

Built in 2017, The Moderne at Providence was 98% occupied at the time of closing. The apartment community, which is centrally located across the bridge at Indian Creek Greenway in the prestigious Village of Providence, offers extensive resident amenities such as a newly- renovated clubhouse with business center and Internet café, salt-water swimming pool surrounded by resort-style seating, state-of-the-art fitness center, dog-run, and private outdoor spaces that include a firepit gathering area, full kitchen, barbecue grills, and dining areas.

“This is an exciting time to be in the market for multifamily communities in the Southeast,” says RAS Realty’s Adam Heller. “We currently have $130 million of new construction class A acquisitions under contract, consisting of nearly 600 units, and will continue to seek out more opportunities for growth within this asset class.”

RAS Realty Partners, led by Thomas Gurney, Michael Heller, and Adam Heller, was represented by Jimmy Adams and Craig Hey of Cushman & Wakefield. The purchaser, The Sterling Group, is a vertically integrated real estate investment services firm based in the Midwest. The transaction closed in late August 2021.