PRG Real Estate and WVS Companies Team on Roanoke Apartment Development
PRG Real Estate and WVS Companies have teamed to develop South16, a contemporary apartment building in Roanoke, Va., located in the epicenter of the city’s 110-acre riverfront redevelopment project.
By Keith Loria, Contributing Editor
Roanoke, Va.— PRG Real Estate and WVS Companies have teamed to develop South16, a contemporary apartment building in Roanoke, Va., located in the epicenter of the city’s 110-acre riverfront redevelopment project.
“It’s located right across the street from Virginia Tech’s brand new medical school and adjacent to the largest hospital in the Shenandoah Valley,” Sam Foster, PRG’s CEO, tells MHN. “People can walk to work, can walk to school and get to downtown Roanoke from the bus line and trolley line right outside their door.”
South16 is a planned 157-unit mid-rise apartment community with one-, two- and three-bedroom units, along with a historic 1800s horse stable converted into a modern restaurant and Starbucks.
According to Foster, South16 will offer area professionals luxurious waterfront living and easy access to work, all within the city’s expanding cosmopolitan center.
The property is situated on 22 acres with stunning views of the scenic Roanoke River and Blue Ridge Mountains. It’s also close to the area’s largest employers, the Virginia Tech Carilion School of Medicine and Research Institute and the 1,187-bed Carilion Clinic.
South 16 will mark PRG’s first advance into ground up construction as well as the successive management of a new community’s branding and lease-up effort.
“We’re expanding our markets; we recently entered Kansas City, Northern Mississippi and we’ve been in Virginia a long time, but had never expanded Westward, so this fits into our new market strategy,” Foster says. “We’re going to be looking at future development projects around this area.”
The first move-ins are expected for delivery in September with completion scheduled for the end of 2014.
