PRG Buys 396-Unit Raleigh Apartment Complex, Plans Major Upgrades

PRG Real Estate has acquired The Falls Apartment Homes, a 396-unit garden-style apartment community in northwest Raleigh.

by Adriana Pop, Associate Editor

PRG Real Estate has acquired The Falls Apartment Homes, a 396-unit garden-style multifamily community in northwest Raleigh, N.C.

The property’s 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.

PRG is now planning to invest $5.8 million (or $14,000 per unit) into the community’s interior and exterior renovation, which marks the largest rehab project in the company’s history.

Plans call for a redesign of the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500-square-foot fitness center.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.

“This 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’m particularly excited about the interior renovations and added amenities for The Falls,” said PRG CEO Sam Foster.

Last year, the company also acquired the Clarion Crossing Apartments in southwest Raleigh. The 260-unit, garden-style community is currently undergoing a $1.3 million capital improvement program that will run until 2016.

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