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Courtesy of Dobbins Group
Raia Properties Corp, based in Ramsey, N.J., acquired Creekside at Providence, a 209-unit apartment property that's part of Providence, a 276-acre PUD in Mt. Juliet. The price tag was $42.2M, or nearly $202k/unit. The seller was Dobbins Group, a Birmingham-based developer that delivered the property last year.
“As construction was completed in spring 2016, we were pleasantly surprised that rental rates exceeded our initial projections," Dobbins Group principal Bill Dobbins said. The property also has the advantage of being near Providence's more than 1M SF of retail space, which includes about 20 restaurants, a movie theater and a number of grocery stores.
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