PRG Real Estate Acquires 200-Unit Community Near Charleston
- Aug 06, 2013
Summerville, S.C.—PRG Real Estate, a Philadelphia, Pa.-based multifamily real estate investment and management firm, has acquired Churchill Commons, a 200-unit garden-style apartment community situated on 10 acres of a serene park like setting in Summerville, S.C.
Located at 1660 Old Trolley Road, the property was renamed Summerville Station at the completion of the sale.
“The appeal of the property is that Summerville has a great school system (part of Dorchester County’s award winning District 2 school system) and is a growing middle class suburb of Charleston,” Sam Foster, PRG’s chief operating officer, tells MHN. “There’s been major expansion in the area over the last 24 months and we expect that to continue.”
PRG purchased the property through a private owner in Maryland with a plan to upgrade management, amenities and the property itself.
“We buy value-added properties. In this case, we thought the management could be upgraded and at the same time we are embarking upon an $8,000-$10,000 per unit upgrade program,” Foster says. “That will include 100 percent renovation of the kitchens and the baths, and quite a bit of amenity work.”
Also on tap is a renovation of the clubhouse, tennis court and swimming pool as well as the addition of a state-of-the-art fitness center and a new dog park. There will also be work done on the landscaping and improvements made to the exterior.
The property is situated just minutes from downtown Summerville and is conveniently located within 15 minutes of major Charleston employers including Boeing, Daimler-Chrysler, Alcoa, Bosch Automotive and the Charleston International Airport.
Company principal owners Steven Berger and Jon Goodman tell MHN that they would like to expand PRG’s presence in the Charleston area in the next 12-24 months.
“We had already had several assets in South Carolina, but had not yet made our way down to Charleston,” Berger says. “It’s a new market for us but a natural growth for our geography. We’ve got 11,000 units and making our way down.”
With the purchase, PRG has now acquired more than 50 communities and 13,000 apartment units.