{"id":1004116885,"date":"2015-04-03T14:03:27","date_gmt":"2015-04-03T22:03:27","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=338010"},"modified":"2020-05-10T22:32:26","modified_gmt":"2020-05-11T06:32:26","slug":"prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\/","title":{"rendered":"PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/The-Falls-Apartment-Homes-in-Raleigh-NC.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-338011\" title=\"The Falls Apartment Homes in Raleigh NC\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/The-Falls-Apartment-Homes-in-Raleigh-NC.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>PRG Real Estate has acquired The Falls Apartment Homes, a 396-unit garden-style multifamily community in northwest Raleigh, N.C.<\/p>\n<p>The property\u2019s location, only a few miles north of North Carolina State University, which is home to 35,000 students and 8,000 full time employees, and just a 15 minute commute to Research Triangle Park, downtown Raleigh, and the RDU Airport, makes it attractive to both students and post-grads. It dates back to 1987, when it opened as a singles community called The Players Club.<\/p>\n<p>PRG is now planning to invest $5.8 million (or $14,000 per unit) into the community\u2019s interior and exterior renovation, which marks the largest rehab project in the company\u2019s history.<\/p>\n<p>Plans call for a redesign of the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500-square-foot fitness center. Also, the dated euro-style cabinets and laminate counters will be replaced by stainless steel appliances, faux granite counters and new espresso colored cabinets. Exterior improvements include re-siding the buildings with Hardi-board, a new dog park, resurfacing the pool deck, as well as new property signage.<\/p>\n<p>\u201cThis is our thirteenth acquisition in the Raleigh market and we continue to experience much success. Our rehab plans are tailored to provide a better quality of life for our residents, and I\u2019m particularly excited about the interior renovations and added amenities for The Falls,\u201d said PRG CEO Sam Foster.<\/p>\n<p>Last year, the company also <em><a href=\"https:\/\/www.multihousingnews.com\/news\/prg-acquires-raleigh-apartment-community\/1004103695.html\" rel=\"nofollow\">acquired the Clarion Crossing Apartments<\/a><\/em> in southwest Raleigh. The 260-unit, garden-style community is currently undergoing a $1.3 million capital improvement program that will run until 2016.<\/p>\n<p><em>Photo credits: www.thefalls-prg.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PRG Real Estate has acquired The Falls Apartment Homes, a 396-unit garden-style apartment community in northwest Raleigh.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004116885","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades\" \/>\n<meta property=\"og:description\" content=\"PRG Real Estate has acquired The Falls Apartment Homes, a 396-unit garden-style apartment community in northwest Raleigh.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-03T22:03:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T06:32:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/The-Falls-Apartment-Homes-in-Raleigh-NC.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades\",\"datePublished\":\"2015-04-03T22:03:27+00:00\",\"dateModified\":\"2020-05-11T06:32:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/\"},\"wordCount\":276,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/04\\\/The-Falls-Apartment-Homes-in-Raleigh-NC.jpg\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prg-buys-396-unit-raleigh-apartment-complex-plans-major-upgrades\\\/\",\"name\":\"PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades - 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