PRG Capital Closes $59M Multifamily Fund
The fund is the first fund venture for PRG Real Estate, which has a more than 30-year track record of successful investments throughout the United States with a current portfolio of more than 10,000 units, 275 employees, and more than $1.25 billion of assets under management.
PHILADELPHIA—Locally-based PRG Capital Management, LLC reports it has closed its $58.5 million PRG Multifamily Fund I LP.
The fund is the first fund venture for PRG Real Estate, which has a more than 30-year track record of successful investments throughout the United States with a current portfolio of more than 10,000 units, 275 employees, and more than $1.25 billion of assets under management.
Brett Gomes, managing director of PRG Capital, says, “We are excited about the launch of PRG Multifamily Fund I LP and look to continue delivering outstanding results to our investors. Consistent performance and the strength of our relationships have led to this successful execution. We are grateful to our new and existing investors for their support. We are proud of the new platform and, coupled with our deep transactional experience and industry-leading property management company, are well-positioned to continue to build on this success for the foreseeable future.”
Founded in 1985 by Steven Berger and Jon Goodman, PRG Real Estate acquires and manages quality apartment communities throughout the eastern half of the United States. Since its founding PRG has acquired well over 80 communities and 13,000 apartment units.
Back in July of last year, PRG Real Estate, in partnership with Richmond, VA-based WVS Companies, announced the opening of East 51 at Rocketts Landing East 51. The property located two miles outside of Richmond, was the third ground-up development for PRG Real Estate and WVS.