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 21, 2001

HEADLINE: PRG ACQUIRES JACKSONVILLE'S COQUINA BAY APARTMENTS


Philadelphia based PRG Real Estate Management, Inc. acquired the 200 unit Coquina Bay Apartments on November 9, 2001. The community was purchased for $8.5 million, or $42,500, and it was acquired at a cap rate of 10.0%.

Coquina Bay in its present condition is considered a class C, property. However, as is consistent with company investment philosophy, PRG intends to spend over $1 million in order to reposition the property. Plans include the installation of new roofs, a complete repainting of the exterior, replacement of exterior trim, the addition of a substantial amount of landscaping, and the installation of a new irrigation system. PRG also anticipates adding a fountain to a retention pond, installing a new pool deck, refinishing the swimming pool, resurfacing the tennis courts as well as all roads, and installing a new decorative fence along the front of the community.

Coquina Bay is situated on the Southeast side of Jacksonville, and is only a mile from the Intra-coastal. At the time of acquisition, Coquina Bay was 100% occupied. The sub-market in which the community is situated is also exceptionally strong, with increasing rents and a rising occupancy rate.

PRG owns and manages over 5000 units along the Eastern Seaboard, from Pennsylvania to, Florida. The addition of Coquina Bay increases the PRG portfolio up to 19 communities, and Coquina is the second asset which PRG owns in Jacksonville. PRG has now acquired a total of eleven properties within the past three years, and continues to see assets in need of repositioning in various markets throughout the Southeast and Mid-Atlantic.