Providence Real Estate Announces Sale of the Village at Lake Highland

Providence Real Estate

Providence Real Estate sold Village at Lake Highland in Lakeland, FL, delivering strong investor returns through renovations despite market headwinds.

Providence acquired the property at low cap rates, faced cap rate expansion, and still delivered strong investor returns through operational excellence.”

— Kevin Finkel

CHICAGO, IL, UNITED STATES, December 19, 2025 /EINPresswire.com/ -- Providence Real Estate, LLC (“Providence”), a multifamily owner-operator, announced today the successful sale of the Village at Lake Highland (the “Property”), a garden-style multifamily community located in Lakeland, Florida, approximately 35 miles east of Tampa and 55 miles southwest of Orlando. Providence acquired the Property in 2020 through a joint venture with Aegon Real Assets US, a division of Aegon Ltd., a global life insurance, pensions, and asset management firm headquartered in the Netherlands.

Built in 2001 on approximately 37 acres, the Village at Lake Highland features open floorplans, oversized windows, nine-foot ceilings, and expansive sundecks. Situated in affluent southern Lakeland, the Property offers residents convenient access to downtown Lakeland within 15 minutes and is located just six minutes from Polk State College’s Lakeland campus, which serves more than 20,000 students. During Providence’s ownership, the Property underwent extensive interior and exterior renovations.

“The value-add repositioning of the Village at Lake Highland presented an exceptional opportunity to modernize a well-located asset and deliver much-needed, high-quality rental housing for Lakeland’s workforce,” said Alan Pollack, Chief Executive Officer of Providence.

Kevin Finkel, President of Providence, added, “The Village at Lake Highland was acquired in 2020, when multifamily cap rates were already historically low, and during our hold period we experienced meaningful cap rate expansion. Despite this headwind, we delivered strong returns for our investors, once again demonstrating Providence’s ability to create value through operational excellence in a challenging market environment.”

ABOUT PROVIDENCE REAL ESTATE
Providence and its affiliates have been active owner-operators of multifamily residential communities since 1985. The team has acquired over 65,000 apartment units valued at more than $7.5 billion. Providence is a fully integrated real estate organization, with expertise in property, asset, and construction management, as well as acquisitions, accounting, information technology, and human resources. To learn more, please visit www.provre.com.

Providence Real Estate
Karen Phillips
+1 847-904-2008
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