PRP announced today that it has acquired Savannah at Park Place, a 416-unit Class A multifamily property in Atlanta. The property was acquired for $74.5 million from the owner. This acquisition marks the third Atlanta-based apartment community in PRP’s multifamily portfolio.
“We are excited to continue investing in the Atlanta area and Savannah at Park Place was an obvious addition to our portfolio of value add assets,” said Paul Dougherty, President of PRP. “We believe in Atlanta’s economy and we look forward to enhancing an already stable property in a thriving community.”
Savannah at Park Place is a Class A residential complex built in 2001. The property includes six five-story buildings totaling 439,846 rentable square feet with average unit sizes of approximately 1,000 square feet. The property’s location provides excellent access to major highways and features several high-end amenities including a fully-equipped fitness center, luxury swimming pool, structured parking with controlled access, outdoor grills and picnic area, and a full-service business center. Situated inside a gated community, the property employs a courtesy officer as well as on-site management. Positioned in one of Atlanta’s most desirable areas, the property is a five-minute walk to Perimeter Mall, many restaurants, and several of the city’s largest corporations. Additionally, the community is districted for Dunwoody’s highly-rated public schools, is close to MARTA, and is approximately 25 minutes from Hartsfield-Jackson Atlanta International Airport.
PRP plans to implement a $3.66 million full renovation of the property that will include extensive common area updates as well as luxury in-unit updates.
Job growth in the area is expected to rise significantly in the next few years with the arrival of Mercedes-Benz’s new headquarters and State Farm’s new regional campus, both set to deliver in 2017. Additionally, 35,000 new jobs are forecasted to be added to the already impressive list of corporations currently headquartered nearby including The Coca Cola Company, Home Depot, and UPS. The solid employment outlook in the Atlanta metro region gives PRP confidence in the near-term value of this asset.
“Our goal is to enhance the already amenity-rich Savannah at Park Place community. This is an excellent addition to the PRP multifamily portfolio as it is in the epicenter of a burgeoning employment and residential market,” commented Phillip Pitney of PRP Real Estate Management. “Bringing on another value add Atlanta asset expands our footprint in the area and will help solidify our commitment to excellence.”
ABOUT PRP
PRP is a real estate investment management company with a focus on multifamily apartments, office and hospitality properties. Founded in 2005 by Paul Dougherty, PRP executes value add strategies and manages a national portfolio of multifamily properties on behalf of institutional investors, family offices and financial institutions. PRP manages its investments through PRPREM, their property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has a proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets along the east coast of the United States. Since its formation, the company has invested over $1.5 billion in assets in all property sectors. PRP is privately held by its founder and is headquartered in Washington, DC with regional offices throughout the east coast of the United States. PRP is a creative buyer and seller of real estate and consider a variety of equity and debt investment structures. For more information on PRP, please visit: www.prprei.com.
