About Provident

OUR HISTORY

Provident Realty Advisors is a privately-held, fully integrated, opportunistic owner, developer, and manager of a broad range of asset types including multi-family housing, retail, self-storage, resort, office, industrial, land, and single family communities.

The company was founded in 1991 by Leon J. Backes to capitalize on attractive real estate investment fundamentals identified by his expert team across a broad range of product types. Our team has the legacy and expertise to identify quality assets in a down market.

Since inception, Provident Realty Advisors has developed a national reputation as an owner, developer, and manager of every asset type across the country, specializing in creative, value-add solutions to difficult development problems.

VALUE ADD / REPOSITIONING • CLOSING THE DEAL • EQUITY SOURCES • FLEXIBILITY

During the past ten years, in addition to its new development projects, PRA has utilized a staff of employees, highly experienced in redevelopment and asset management skills, to successfully implement an alternative program to acquire and re-position a substantial number of underperforming/distressed assets. In each case, PRA first completed its due diligence studies to determine the specific requirements for a successful re-positioning strategy. These included: rezoning, demolition and redevelopment into alternative uses, etc. The following are examples of several of these projects:

  1. Westwood Mall: Houston, Texas – A regional mall converted into 500,000 s.f. of office and technological floor area.
  2. Web @ LBJ: Dallas, Texas – A regional mall converted into over 300,000 s.f. of mixed use fiber optic floor area; as well as other adjacent retail and restaurant uses.
  3. Provident Crossing: San Antonio, Texas – Forty acres, comprised of multiple industrial facilities, demolished and re-positioned into a 400,000 s.f. retail power center anchored by Walmart and Lowe’s.
  4. Centerville Marketplace: Garland, Texas – Assembly of forty five acres on three tracts; rezoned, demolished 950 apartments, an office building and a hotel, and re-positioned as a 400,000 s.f. power center anchored by Walmart.
  5. !25: Albuquerque, New Mexico – Conversion of an existing industrial facility into over 250,000 s.f. of office and technological floor area, as well as new retail, restaurant and hotel uses.
  6. The Glen: A 42 acre tract, containing 900 apartments and support commercial floor area; rezoned, demolished and in final planning to be re-positioned as a mixed use development, containing 1200 residential units and 300,000 s.f. of office and retail floor area.