PRP and GFH have sold Atlanta-based Ansley at Princeton Lakes, a multifamily property, for $43.5 million. The buyer was not identified. The property was originally built by PRP in 2009 and recapitalized in November 2014 for $35.2 million.
WASHINGTON, Sept. 7, 2017 /PRNewswire/ — PRP, LLC announced today the sale of Ansley at Princeton Lakes, a Class A multifamily property in Atlanta, Georgia. Ansley was owned in a venture consisting of one of PRP’s private equity funds and GFH, a Bahrain-based investment company. The property sold for $43.5MM or $142,000 per unit. PRP originally built the property in 2009 and recapitalized the project in November of 2014 for $35.2MM.
“Ansley’s location in Atlanta as well as its proximity to the Atlanta-Hartsfield International Airport made this an exceptional property for our partnership. Partnering with GFH underscores the confidence foreign investors see in the U.S. real estate markets, specifically the Atlanta market,” said Paul Dougherty, President of PRP.
Built by a PRP partnership in 2009, Ansley is a 306-unit, Class A property located three miles west of the airport. Located within the Princeton Lakes subdivision, the property is adjacent to a 1.4MM SF community center that is anchored by Target. The property’s proximity to this shopping center offers residents a plethora of restaurant options, coffee shops, retailers and a movie theater.
Ansley is comprised of 19 three-story buildings that offer one, two and three-bedroom units boasting high-end details including granite countertops, stainless steel appliances, nine-foot ceilings, oversized windows and a private patio or terrace within each unit. Common area amenities include a resort-style swimming pool and grill stations, a state-of-the-art fitness center, a hammock garden, a 6,500-square-foot ski lodge-style clubhouse and sports lounge with billiards.
PRP is a real estate investment management company with a focus on multifamily apartments and office properties. Founded in 2005 by Paul Dougherty, PRP executes value add strategies and manages a national portfolio of multifamily properties on behalf of its institutional investors, family offices and financial institutions. PRP manages its investments through PRP REM, 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, D.C. with regional offices throughout the east coast of the United States. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures.
For more information on PRP, please visit www.prprei.com.