PGP acquires adjacent Virginia properties for $6.65 mln

Prudent Growth Partners LLC has acquired two adjacent Danville, Virginia-based properties: Williamsburg Village Apartments and the Westchester Square Townhomes. The price of the transaction was $6.65 million.



Prudent Growth Partners, LLC, a Chapel Hill, NC based Private Equity Real Estate Firm, has purchased the Williamsburg Village Apartments and the Westchester Square Townhomes in Danville, VA.

The $6,650,000, 136-unit transaction combined the two adjacent properties into one ownership structure. The properties were acquired as part of a 1031 exchange involving two buyers (both managed by PGP) using a Tenancy-in-Common arrangement.

“We are excited about our ability to offer 1031 exchange services for both our current and new investors who need assistance in securing a replacement asset for their 1031 proceeds,” said Tom Hahn, President of Prudent Growth Partners, LLC. “This transaction had a number of complexities to it involving two different entities with 1031 proceeds on the buy side as well as the decision by both sellers to work with PGP on initiating a 1031 exchange with their sales proceeds.”

“Our ability to structure this transaction and facilitate the 1031 exchange for the seller was critical to closing this deal – it would not have happened otherwise.”

Prudent Growth Partners, based in Chapel Hill, NC, is focused on acquiring garden style apartment communities, typically with 75 to 200 apartments, as well as neighborhood retail centers and office buildings. “We really like properties that are well managed, well positioned, and which provide some nice upside for our investors over the long term,” said Hahn.

Prudent Growth Partners has a growing network of accredited investors who participate in each transaction. “We structure each transaction to provide solid cash flows to our investors each quarter – typically at least an 8% annualized return – as well as long-term upside through the appreciation of the property,” said Hahn. “It is a completely passive investment for the investor and provides great returns and a nice hedge against future inflation,”

There was no broker involved in the transaction, which was an off-market deal.

Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. PGP’s focus is on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.