HUNTSVILLE, AL—RAS Realty Partners a full-service real estate investment, development and management firm based in Boca Raton, FL, has sold The Moderne at Providence, a 300-unit luxury rental community at 30 Gates Mill Street NW in Huntsville, AL, to The Sterling Group for $64.75 million.
The property was originally purchased by RAS in 2018 for approximately $45 million.
"The Moderne at Providence has been one of the strongest performing assets in our portfolio for the past three years," said Michael Heller of RAS Realty Partners. "The rapid growth of the Huntsville market since our acquisition in 2018 has allowed us to achieve tremendous rent growth. This was an off-market sales opportunity that far exceeded our original expectations. We also recognize The Sterling Group is an excellent operator that will do well with this exceptional asset."
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