PRG Real Estate Expands Presence with Acquisition of Herons Point Apartments

PRG Real Estate Expands Its Footprint in Virginia Beach

In a significant move for its portfolio, PRG Real Estate Management, a prominent firm in the multifamily investment and management sector, has successfully acquired Herons Point Apartments, comprising 96 units in Virginia Beach. This acquisition marks another milestone in PRG's strategy to expand its presence in key markets, particularly in the Hampton Roads region.

Details of the Acquisition

The acquisition, which was completed off-market, aims to further bolster PRG's operations in an already established area. Herons Point, developed in 1989, is located adjacent to The Courtyards of Chanticleer, a 304-unit community also owned by PRG. This strategic positioning will enable the firm to streamline its operational efficiencies by leveraging shared resources between the two properties.

Housing directly by Linkhorn Bay, Herons Point offers residents a scenic waterfront atmosphere, situated just minutes from the famous Virginia Beach Boardwalk, numerous shopping, and dining options, as well as easy access to Norfolk and Hampton. With desirable community amenities such as an on-site swimming pool and access to walking paths along the bay for leisure activities like fishing, it enhances the residential experience for its inhabitants.

PRG's Vision and Future Plans

Sam Foster, CEO of PRG Real Estate, commented on the acquisition stating, "Herons Point presents an attractive combination of location, waterfront appeal, and the potential for operational enhancements. Our intention is to implement targeted improvements while preserving the essence of the community. Our commitment is to provide enduring value through disciplined management and an exceptional living experience for our residents."

This acquisition adds to PRG's impressive portfolio, which now encompasses approximately $2.5 billion in multifamily assets, totaling more than 11,262 units across the country. Additionally, the company has 760 more units under construction, underlining its ambition to continue growing and enhancing communities.

About PRG Real Estate

PRG Real Estate Management, Inc. is a leader in the multifamily investment and management sector, boasting a portfolio that exceeds $2.0 billion. With more than 300 employees nationwide, the company prides itself on creating superior living environments, which begins with hiring and training the best professionals in the industry. They aim to provide a supportive and rewarding work environment that inspires employees to excel, ultimately benefitting residents.

For more information about PRG Real Estate Management and its initiatives, potential investors or interested residents can visit www.prgrealestate.com.