PRG Real Estate Acquires 352-Unit Memphis Apartment Community
- Oct 07, 2013
Philadelphia-based PRG Real Estate Management Inc. has announced the acquisition of Church Lake Apartments, a 352-unit garden-style apartment community located in Southaven, Miss.
While the community’s stable cash flow, luxury amenities and energy saving features make it an attractive asset, Church Lake’s appeal is very much about location, location, location. The community’s Southaven location places it in the DeSoto County high-growth, low-supply submarket, which enjoys limited existing stock, a ban on new development and impressive population growth.
In the past decade, the area population increased by 47 percent. The next five years are expected to increase population by a further 11 percent. All in all, according to PRG, DeSoto County currently has only 5,200 apartment units for a populace of 170,000. The community’s location is also in close proximity to the Bluff City’s major employment opportunities, such as the FedEx global headquarters and the many healthcare and bioscience entities. The area’s low cost of living and highly-ranked school system are also a draw.
PRG, a real estate firm focused on the eastern U.S., views Memphis as a gateway and Church Lake as the key to it. According to PRG Chief Operating Officer Sam Foster, “the acquisition permits further expansion in the Memphis submarket itself while providing a gateway for PRG to move into the central part of the United States during 2014.” Plans for the Church Lake Apartments are “to take advantage of robust demographics and a growing population while introducing further operating efficiencies at the already stable and cash flowing property,” the COO added in a news release.
Opened in 1999, Church Lake Apartments is a market-rate community comprising one-, two- and three-bedroom units outfitted with features such as energy efficient appliances, private patios or balconies, washer and dryer. Apartments range between 900 and 1214 square feet in size. Community amenities include 24-hour fitness center, tennis and volleyball courts, two swimming pools, two-acre lake, playground, business center, storage units, carports, garages, car care center.
Founded in 1985, PRG specializes in the acquisition, improvement and management of apartment communities in the Eastern US, with its current portfolio toping 11,000 units. The company recently picked up the 200-unit Summerville Station (previously Churchill Commons) located in Charleston’s Summerville suburb. Click here for further info about the transaction.
Photo courtesy of PRG Real Estate via PRWEB