Summary:
- Provident Resources Group, led by CEO Christopher Hicks, acquired a 1.3-acre student housing site near Florida International University in Sweetwater for $22.5 million, resolving prior litigation between Workforce Housing Partners and Nef.
- The acquisition is financed through a $241.2 million tax-exempt student housing bond from Wilmington Trust and a $10 million mortgage from the city of Sweetwater, supporting development of a 20-story, 205-unit student apartment building with reserved units for FIU students and faculty.
- This transaction establishes Provident’s presence in Miami-Dade’s expanding FIU student housing market, which has seen significant recent investment including a 932-unit development by Adam America Real Estate and JW Capital Management nearby.
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