Provident Closes Second Florida Multifamily Acquisition

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TAMPA, FL-Provident Management Co. LLC, a Chicago-based operator, manager and asset manager of 5,000 apartment units in 24 states, has made its second Florida acquisition with the $11.5-million purchase of the 69-unit, 15-year-old Greens at Carrollwood community adjacent to the Carrollwood Village Golf Club. Provident plans $1 million in renovations.

Provident, headed by principals Alan Pollack and Bruce LaMotte, paid Tampa-based Ehrlich Road Properties $166,666 per unit for the 90%-leased asset at 3810 Ehrlich Rd. The rent range is $900 to $1,500 per month. Provident purchased the Lakeside Village apartments in St. Petersburg earlier this year.