The Park at Kingsview Village
WASHINGTON, DC–Earlier this month locally-based PRP acquired The Park at Kingsview Village, a 326-unit apartment complex in Germantown's Kingsview submarket from TA Associates Realty in Boston. PRP paid $70.4 million, or $215, 951 per unit, for the complex.
TA Realty acquired the apartment complex in August 2011 for $78.1 million.
A value-add play for PRP, the company plans to make some $3.5 million in renovations to the property. PRP's value-add strategy focuses more on stable assets that can be further enhanced, explains president Paul Dougherty in a prepared statement. “We look forward to improving this asset, which is situated in a desirable location within a thriving community,” he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
