As process-oriented investors, we focus on the fundamentals of real estate investing. On the asset level, our investment strategies are specifically structured to deliver success irrespective of market conditions and economic cycles. We utilize a detailed risk assessment and rigorous due diligence of every opportunity we consider. We utilize the most appropriate capital structures at acquisition, tailoring terms and durations to suit the specific need of each project. Our unfettered access to the capital markets and deep relationships with lenders and institutional investors, ensures that we achieve the lowest cost of capital available in the industry.
PRP’s barbell approach focuses on strategies that produce strong current, durable and distributable cash flows, and opportunistic investing strategies where we can acquire assets at significant discounts to replacement cost, correcting distressed capital structures that impaired successful operations, while producing out-sized returns. We differentiate ourselves by unlocking value from each asset by quickly understanding and underwriting complex transactions.
Asset-Level Value Creation
We do not rely upon momentum-based strategies to drive returns. Rather, we focus on each project using a holistic assessment to understand each investment opportunity and risk profile. We derive profit from executing defensible yet flexible business plans — whether by turning around a distressed asset or repositioning a property.
Research-driven Investment Discipline
Real estate fundamentals, broad macroeconomic research and capital markets expertise are the cornerstones of our investment decisions. Armed with this data and our multi-cycle experience, we are experts in ascertaining and underwriting risk. By targeting investments across different property sectors and different geographies, we create highly diversified investment portfolios.
Focus on Leverage and Exit Strategies
Properly structuring and limiting leverage is critical to our success. We acquire high-quality, well-located assets that appeal to a wide range of buyers while emphasizing the importance of multiple exit strategies — including private one-off sales, portfolio sales within common asset classes and recapitalization.
Our Strategies
Our Property Investment Funds and Strategies
PRP’s approach to unlock value focuses on a fundamental approach of modernizing properties by correcting physical issues, implementing a renovation strategy while improving operations through new management and leasing initiatives. The goal of our restore to core approach delivers higher rents as a direct result of these efforts. PRP has a keen focus on utilizing the most appropriate capital structures at acquisition, relying on moderate levels of non-recourse financing with terms and durations tied to the specific business plan for each asset. Our deep relationships with both lenders and institutional Limited Partners ensure we achieve the lowest cost of capital available in the industry. Founded in 2005 by Paul Dougherty, PRP has acquired or built approximately $6 billion real estate investments across 19 different markets nationwide.
Proven Results
Our investment professionals have decades of experience in all facets of the commercial real estate industry. As individuals and as a team, we have experienced multiple real estate, capital markets and economic cycles: periods of prosperous stability and great volatility. Throughout all of this we’ve maintained our focus as patient and confident stewards of investor capital while assembling a top-tier portfolio.
Targeted Sectors
Net Lease Office and Logistic Facilities
Headquarters, mission-critical and logistic net lease investments $100MM+ in size
First-generation or recently renovated assets
Lease terms of 12 years or longer
Located in the top 10 MSA and top 10 industrial markets nationwide
Leased to BBB- or higher-rated companies
Multifamily
Value-add properties prioritizing in-place cash flow with NOI growth through operational enhancements and high yield renovations
Core and Core-plus product in excellent locations offered at a significant discount to replacement cost and current owner's basis
Merchant builders developing in strong submarkets facing short-term supply shock and debt maturities, prompting sale or capital events
Properties with assumable long-term fixed debt in attractive markets
200+ units Class A/B+ properties
Special Situations
Purchase performing assets with distressed capital structures across all product types
Capitalize on purchase opportunities afforded by sellers with end of fund life issues, partnership issues or debt maturity issues
Purchase defaulted loans offering a swift pathway to fee simple ownership
Acquire land and construct data centers in top data center markets across the United States for lease or sale to hyperscalers
Using proprietary mapping software and unique sourcing channels, indentify attractive data center site quickly
Select retail assets in areas with affluent demographics
