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 17, 2002

HEADLINE: PRG ACQUIRES WILLOW RIDGE APARTMENTS IN CHARLOTTE

On December 16, 2002 Philadelphia based PRG Real Estate Management Inc. acquired the 456 unit Willow Ridge Apartments in Charlotte, North Carolina. The community was acquired for $20.3 million.

Willow Ridge is a key acquisition to PRG for multiple reasons. Beyond the value of the investment itself, PRG has been exceptionally interested in entering the Charlotte market for quite some time. Geographically, given that Charlotte is situated between Raleigh, North Carolina and Spartanburg, South Carolina, it represents a location which is central to two cities in which PRG owns multiple assets. Therefore, Charlotte is perfectly situated as a future regional hub for the organization. Also, while the Charlotte market is presently somewhat soft, it is still a Southern market with a vibrant business community. The city has been one in which PRG has been seeking acquisitions in anticipation of superior performance in the next economic upturn.

Willow Ridge is located on the South side of Charlotte, and is in close proximity to hospital and businesses. The neighborhood is considered one of the more affluent in Charlotte. The community itself presently has a 91% occupancy rate, which is fairly typical in this market.

Willow Ridge is a community which features a wealth of attractive amenities. The community boasts three swimming pools with sun decks, two lighted tennis courts, a heated spa and a fitness center. The apartments themselves feature wood burning fireplaces and full size washer and dryer.

PRG owns and manages over 5,000 units along the Eastern Seaboard, from Pennsylvania to Florida. The addition of Willow Ridge increases the PRG portfolio to 21 assets. The company has added 12 assets within the past four and a half years.