Providence Investments Launches Puerto Del Mar Apartments Fund for $59M

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Birmingham, AL -- (ReleaseWire) -- 12/22/2021 -- Providence Investments, LLC a private Real Estate investment firm. Providence Investments focuses on stable income producing multi-family opportunities in the U.S. markets where the potential exists for robust growth. Based in Birmingham, Alabama Providence Investments is an acquisition, development, and portfolio management firm of Residential and Commercial real estate.

Providence Investments, LLC a Birmingham based portfolio manager of real estate, is pleased to announce the successful launch of a $59 million private equity fund for Puerto Del Mar Apartments in Corpus Christi, TX. Any potential investor considering investment in this project will be through a vehicle sponsored by Providence Investments ("Fund").

The "Fund" for the asset Puerto Del Mar Apartments in Corpus Christi, TX is targeting a Projected Rate of Return of 21% and a Projected Cash on Cash rate of 11.7%.

Puerto Del Mar is the third largest apartment community in Corpus Christi, it houses 580 residential units providing an incredible opportunity to quickly create or add significant scale in the market. The property offers an inviting unit mix including one-, two-, and three-bedroom flats and townhome style units, all of which saw extensive unit upgrades within the past four years. Between 2018 and 2021, current ownership with their contractor upgraded 495 units that is over 85% of the total units with only 25 units or 4% currently a work in progress. The unit upgraded accessories include new laminate counters with backsplash, updated double sinks, updated faucet with sprayer, new shaker-style cabinetry with contemporary brushed-nickel pulls, designer faux wood plank flooring throughout living areas on first floor units and in wet areas of upper floor units, black-on black appliances, a modern lighting and plumbing package, and two-inch blinds. Bathrooms feature matching countertop, cabinetry, plumbing and lighting selections. Currently the management team and contractors have completed almost 90% of the rehab/ upgrades.

Capitalizing on the completion of the remaining 60 units is a given as the market shows strong interest in contemporary apartments. Specifically, these 60 units are comprised of what ownership refers to Legacy Units as they are in classic or original condition. Additional, opportunities to increase other income exist through the potential addition of more washer-dryer connections as only 30% of units have connections and the implementation of rentable items such as washer and dryer equipment, carports, reserved parking, pet yards & a high speed internet program.

Puerto Del Mar is also to benefit significantly from two notable public projects nearby. Corpus Christi ISD is building a new Mary E. Carroll High School that is set to open in August 2022. The $142 million campus, on the corner of Kostoryz Road and Saratoga Boulevard, is the second new high school in Corpus Christi since 2015.

Providence Investments focuses on creating a value portfolio of income producing class A and higher-end Class B residential real estate primarily throughout the Mid-West to Southeast of the United States.

In announcing the "Puerto Del Mar Fund;" President John Mejia President of Providence Investments, said that the Puerto Del Mar Apartments represents a tremendous opportunity for investors. "So far investors and real estate professionals are already asking us about the Offering, and it will be fully funded in the coming weeks," Mr. Mejia noted.

Despite the current economic period brought on by COVID-19 pandemic the real estate and construction industry continue to be at an all-time high. Our market data and analysis show vacancy rates have remained low with many firms still making their uninterrupted quarterly distributions. "The stock market and the Block Chain's crypto markets are in a state of extreme uncertainty," said Kevin Paul Blake former project manager for Providence. "What I know is that Housing is a necessity. All Americans need access to a roof over their heads and there is strong data showing this. There is a strong demand for housing currently and the historical economic data shows real estate to be very resilient during periods of inflation and uncertainty."

"John and his team do an excellent job creating a desirable cash flow for investors. In all my years, this is one team that has truly delivered a great experience for apartment investments." Says Keeley Moore.

"Working with a company that not only makes sound investments but operates with honesty and integrity is invaluable. I have invested with Providence for the past nine years and could not be more pleased." Says David Hughes.

Providence Investments founded by John Mejia, a former New York native who now calls Alabama home. John Mejia, an expert real estate investor with personal principles that aim to provide the best trustworthy and solid real estate asset solutions while providing strategic investment opportunities. John Mejia currently has over $520MM in acquisition and development transactions, with superb returns and a proven track-record.

Follow Entrepreneur John Mejia of Providence Investments on social media channels Facebook, Instagram and Twitter.

Providence Investments LLC
President & CEO
John Mejia
Instagram: https://www.instagram.com/john.a.mejia_jam/
Facebook: https://www.facebook.com/providenceinvestments

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