Provident Resources Group, a Baton Rouge-based organization led by CEO Christopher Hicks, has acquired a 1.3-acre site near Florida International University (FIU) in Sweetwater for $22.5 million. The property, located at 10710, 10742, and 10752 Southwest Fifth Street, was previously owned by a partnership between Miami Beach-based Workforce Housing Partners and Istanbul-based Nef.
The purchase is part of Provident’s plan to develop a student housing apartment building on the site. To finance the project, Provident secured a $241.2 million tax-exempt student housing bond from Wilmington Trust and received an additional $10 million mortgage from the city of Sweetwater.
The property is approved for a 20-story building with 205 units. As part of the agreement, Provident will reserve units for students and faculty in exchange for FIU’s support in obtaining the tax-exempt bond.
Land acquisition and development costs total $273.7 million, which equates to more than $1.3 million per unit based on the planned number of apartments.
This transaction gives Provident entry into Miami-Dade’s expanding FIU submarket, where there has been significant interest from developers in constructing student housing near campus. For example, Adam America Real Estate and JW Capital Management completed a 22-story building with 932 student housing units at 10726 Southwest Seventh Street in 2024 after securing a $147 million construction loan.
Workforce Housing Partners is led by Jason Talbot. The firm became involved in legal proceedings with Nef over control of the student housing site. In 2024, FIU Student Housing Estates—an entity managed by Talbot—filed suit against Nef in Miami-Dade Circuit Court to gain control of the project. Talbot claimed that Nef failed to provide $47.8 million in required capital contributions and sought to remove Nef’s decision-making authority regarding the site. The lawsuit was settled within the same year it was filed.
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