PRG Real Estate Acquires 216-unit Apartment Community in Durham

by Adriana Pop, Associate Editor

PRG Real Estate has announced the acquisition of Bainbridge in the Park Apartments, a 216-unit garden-style apartment community located on a 25-acre wooded setting in Durham.

The community was built in 1985 and is situated within 2.5 miles from the world-renowned Research Triangle Park. Amenities include a 24/7 newly renovated fitness center and clubhouse, a resort-style pool, bark park, private patios, balconies, fireplaces and washer/dryer connections. PRG Real Estate is planning upgrades for its new property, including the complete renovation of kitchens and baths. Landscaping and other curb appeal items will also be improved.

“Bainbridge in the Park is a key acquisition for us,” says Sam Foster, CEO of PRG Real Estate. “Adding the property to our expansive portfolio further solidifies PRG’s presence in the Raleigh Durham market and marks a resumption of our long-term growth strategy in key markets. Through interior renovations and professional hands-on management, we expect to add significant value to the asset.”

Founded in 1985 by Steven Berger and Jon Goodman, PRG Real Estate is a leading multifamily real estate investment and management firm. The company has acquired over 50 communities and 13,000 apartment units in Pennsylvania, Ohio, Virginia, North and South Carolina, Tennessee, Kentucky and Florida.

In other news, Northwestern Mutual has sold the Palladian Corporate Center in Durham for $36.2 million. New York-based Clarion Partners has acquired the class A office park on behalf of BBH Real Estate Income Fund II.

The center includes two four-story buildings that were developed in 2005 and 2007. Known as Palladian I and Palladian II, the facilities offer a total of 209,720 square feet.  The Triangle Business Journal reports that Palladian I is fully leased to the American Institute of Certified Public Accountants, while Palladian II is 62 percent occupied.

According to Marc DeLuca, managing director at Clarion Partners, Raleigh and the surrounding area continues to outpace much of the rest of the state and nation in job gains, driven by the healthcare, professional services and biotech industries.  “We anticipate that this growth will continue to support demand for high-quality office space like that of Palladian I and Palladian II,” DeLuca said.

Photo credits: www.bainbridgeinthepark.com