Since I have been a bit delinquent on my posts I thought I owe readers some "prospecting profiles." Here is the first of a few to come...
Philadelphia firm buys 600 Triad apartments
The Business Journal of the Greater Triad Area - by Lane Harvey Brown The Business Journal Serving the Greater Triad Area - "A Pennsylvania real estate management company has bought Village Resort Apartment Homes for $23.3 million and is marketing the 600-unit complex under a new name, Glendare Park Apartments. PRG Real Estate Management of Philadelphia plans to renovate the 1970s-era complex, said John Goodman, vice president. The complex is in northwest Winston-Salem at 240 Village Crossing Lane."
The PRG Site gives more detail on previous acquisitions (Press Releases):
"The community [The Woods] is in good condition, giving PRG the opportunity to start with cosmetic improvements; a complete color change is already under consideration. PRG’s capital improvement plans also include adding new signage, new vinyl dumpster fences, and installing washer/dryer connections in many of units. During the process, the pool area will receive a complete face- lift. PRG also has significant plans for the landscaping and repairing the pavement, which will spruce up The Woods from the outside.
PRG owns and manages over 7,700 units along the Eastern Seaboard, from Pennsylvania to Florida. The company has added 18 assets to its portfolio within the past five years, and now owns 33 communities throughout the country."
An interesting firm that I was unfamiliar with until now. I like the NOI growth benchmarks they publish in their newsletters (see quote below). I will make you go to their site to see the numbers...tell them I sent you. And then I guess I need to find them another property in NC.
"PRG Versus the REITs - Economic booms come and go, but PRG’s investment strategy based upon what WE do to an asset can weather virtually any storm. When you’re buying below market equilibrium, you can beat the “a rising tide lifts all boats crowd” every time!" - Q4 Newsletter
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