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CONTACT:
Robert Dominy
PRG Real Estate Management, Inc.
2701 E. Luzerne Street
Philadelphia, PA 19137
Phone: 215.744.1200
(Fax): 215.744.4042
DATE:
May 16, 2003
HEADLINE: PRG ACQUIRES
PARK RIDGE APARTMENTS IN DURHAM, N.C.
On May 16, 2003, PRG Real Estate Management
Inc. acquired the 308 unit Park Ridge Apartments in Durham,
N.C. The community was acquired for $13,170,000, or $42,760
per unit. The company considers this a favorable price to pay
for a 1986 vintage asset in this metropolitan area.
The Park Ridge Apartment community was an
attractive acquisition to PRG for a number of reasons, but
it's location was primary among them. The community is
situated minutes off I-40, and is within a short drive of
Research Triangle Park. Further, it is within an easy
commuting distance of Duke University Medical Center, and is a
similar distance to the University of North Carolina in Chapel
Hill. And for strategic reasons, the location was attractive
to PRG, given that the company already owns two communities in
Raleigh, and in December purchased the Willow Ridge Apartments
in Charlotte.
Park Ridge was built on an extremely
desirable site, with wooded rolling hills and a meandering
stream. All apartments feature wood burning fireplaces,
screened porches or balconies, washer/dryer connections, and
plush wall to wall carpeting. All top floor units boast
cathedral ceilings. The community also features a premier
fitness center, two tennis courts, a sparkling swimming pool,
Jacuzzi as well a sauna. Finally, there is a 10 mile
jogging/biking trail which winds through the surrounding
woods.
PRG owns and manages over 5,200 units along
the Eastern Seaboard, from Pennsylvania to Florida. The
company has added 13 assets to it's portfolio within the past
four years, and now owns 22 communities throughout the
country.
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