Press Releases

CONTACT: Robert Dominy
PRG Real Estate Management, Inc.
2701 E. Luzerne Street
Philadelphia, PA 19137
Phone: 215.744.1200
(Fax): 215.744.4042

DATE: December 16, 2003

HEADLINE: PRG ACQUIRES WELLSPRING APARTMENTS IN COLUMBIA

On October 1, 2003, PRG Real Estate Management Inc. acquired the 232 unit Park Ridge Apartments in Columbia, S.C. for an undisclosed price. The community was constructed in1986.

The Wellspring Apartment community was an attractive acquisition for PRG for a number of reasons, but its location was primary among them. The community is situated minutes off I-26, and is located on the prestigious northwest side of the city. The community is also a short 20 minute drive to downtown Columbia. Further, not only is Wellspring is situated in the exclusive Harbison Association area, but it is also just minutes from a major shopping mall. Finally, for strategic reasons, the location was attractive to PRG, given that the company already owns two communities in Spartanburg and a third in Charlotte. With the acquisition of Wellspring, PRG intends to open a new regional office in Columbia.

Wellspring was constructed on an extremely desirable site, with wooded rolling hills and a lovely pond. The community also has cement walkways which wind through the woods for runners as well as just those seeking a nature walk. All apartments feature wood burning fireplaces, screened porches or balconies, washer/dryer connections, and plush wall to wall carpeting. The community also features a premier fitness center, a sparkling swimming pool, and a Jacuzzi. As is usually the case with any new PRG acquisition, many new improvements are planned including new roofs, a new two tone color painted on the exterior, a new pool deck, enhanced landscaping as well as the complete repaving of the property.

PRG owns and manages over 5,400 units along the Eastern Seaboard, from Pennsylvania to Florida. The company has added 14 assets to its portfolio within the past four years, and now owns 23 communities throughout the country.