News - PRP Real Estate Investment

WASHINGTON, DC – April 29, 2025 – PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has formed an Advisory Board to assist the company’s management team as PRP continues to expand its platform. The initial members of the Advisory Board are Scott Brown, Denise Olsen, and Caleb Kramer.

Mr. Brown is the founder and CEO of Fulcrum Global Investors. Mr. Brown has been a successful real estate investor and developer since 1984. Prior to founding Fulcrum Global Investors, Mr. Brown was Global President & Chief Executive Officer of Cornerstone Real Estate Advisors (formerly Barings). When he joined Cornerstone in 2014, Cornerstone had $42B in AUM with one dominant region (the U.S.). When Mr. Brown departed in 2019, Cornerstone’s AUM exceeded $57B, the European business was built out and established, and the Asia-Pacific real estate business had been started. During Scott’s leadership, Cornerstone was one of the only truly four quadrant global REIMs in the world. Mr. Brown is on the Board of NAREIM, is the NAREIM Treasurer, and was previously a Board member of NCREIF. He holds a bachelor’s degree in economics from the University of Massachusetts Amherst, a master’s degree in real estate development from Columbia University, and holds the CFA Charter.

Ms. Olsen is a seasoned public company board member and accomplished business building executive who leverages expertise gained from over 30 years in the investment management industry across the private and public markets of real estate, data infrastructure, credit, and liquid alternatives. Currently, Ms. Olsen is a board member of First Industrial Realty Trust (NYSE: FR) and serves on the Investment Advisory Committee of The Harry and Jeanette Weinberg Foundation. Formerly, Ms. Olsen was a board member of CyrusOne, Inc. (Nasdaq: CONE), which was sold to KKR and GIP in a $15 billion public-to-private transaction in 2022. Ms. Olsen’s career spanned over two decades at GEM Realty Capital, an investment management firm that invests in diversified real estate opportunities across the private and public markets. As a senior partner, Ms. Olsen led business development and capital formation activities and was a longstanding member of GEM’s investment committee. Earlier in her career, Ms. Olsen had investment roles at JMB Realty Corporation and EVEREN Securities. Ms. Olsen received her Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.

Mr. Kramer most recently served as the Portfolio Manager at Oaktree Capital Management, LP, an asset management firm based in London and active globally. In his directorial capacity, he managed the firm’s European distress-for-control and special situation private equity investments. He joined the firm in 2000 as Managing Director, Principal Funds, before being promoted in 2005. Mr. Kramer began his career in finance at Merrill Lynch and as an Associate in Mergers and Acquisitions with Dillon Read & Co., Inc. He went on to work for Archon Capital Partners before eventually co-founding his own private equity investment firm, Seneca Capital Partners, LLC. Mr. Kramer served on the Board of Directors for Campofrio Food Group, SA, from 2008-2013. He earned his bachelor’s degree in economics from the University of Virginia.

Paul C. Dougherty, President of PRP, stated, “We are thrilled to have Scott, Denise and Caleb join our Advisory Board. All are incredibly tenured and successful real estate and investment management professionals that will complement our executive team as we navigate an ever evolving and complicated real estate and capital markets landscape. Their extensive experience in various executive leadership roles and on the boards of publicly traded REITs and private companies will enhance our strategic endeavors toward building value for all of PRP’s stakeholders. We are honored to have these individuals as part of our growing PRP team and look forward to their counsel.”

Ferguson Partners, a firm specializing in Board and executive recruitment in the real estate industry, advised PRP in this recruitment effort. PRP was represented by Bill Ferguson and Michelle Goldstein of Ferguson Partners.

ABOUT PRP

PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in data centers and Special Situation investing. Founded in 2005, PRP executes value add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

CONTACT: Colleen Ramsey

PRP, LLC

202-741-8400

WASHINGTON, DC – April 1, 2025 – PRP announced its acquisition of Cosmopolitan on the Canal, a 218-unit Class A multifamily property located along the Central Canal in downtown Indianapolis, Indiana.

Cosmopolitan on the Canal is a well-designed institutionally maintained apartment community offering residents modern amenities, spacious layouts, and direct access to the city's most dynamic employment, education, and entertainment districts. Situated in the heart of Indianapolis' Canal Walk District, the property combines waterfront living with a highly walkable location.

Originally constructed in 2010, the community's interiors remain in their original condition and will undergo a comprehensive renovation to deliver an elevated living experience for both current and future residents.

“This acquisition reflects our continued strategy of investing in high-quality multifamily communities in growth-oriented U.S. markets,” said Jon McAvoy, Chief Investment Officer of PRP. “Indianapolis is experiencing continued strong economic momentum driven by billions of dollars of infrastructure, education, and medical investment. We are thankful for the professionalism of seller team enabling an efficient transaction and firmly believe Cosmopolitan will continue to excel within the PRP portfolio for years to come.”

The property sits between two of downtown Indianapolis’ most significant developments: the $4.3 billion Indiana University Health expansion—one of the largest hospital projects in the nation—and the bifurcation of IUPUI into Indiana University Indianapolis and Purdue University in Indianapolis, both of which are actively growing their campus footprints just blocks from the property.

Cosmopolitan on the Canal is PRP’s latest multifamily acquisition and exemplifies the firm’s approach of targeting the combination of core locations with strong demographic and economic fundamentals and properties in need of modernization and resident-focused enhancements. The property’s waterfront setting, amenity offerings, and proximity to market-leading employment centers make it a premier rental community in Indianapolis.

About PRP

PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities include the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

PRP Achieved a Record Price for this 40 Acre Development

November 14, 2024. WASHINGTON, DC. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has sold itsNorthern Virgina data center property located in Prince William County, VA to Iron Mountain Inc. (NYSE: IRM). The total consideration of the transaction was $113.5MM, or $2,837,500 per acre.

The 40-acre site of heavy industrial-zoned land, known as Manassas Point,was assembled by PRP in 2022 -2023. Upon acquiring the three separately owned, contiguous properties, PRP conceived and developed plans for a 1.1 million SF state-of-the-art data center campus withan onsite300MW substation. The firm successfully navigated a challenging zoning approval process, consolidating three industrial parcels into one, while simultaneously obtaining County approvals to increase allowable building height to accommodate PRP’s three-story design. PRP also worked closely with NOVEC and Dominion Power to secure an expedited power and equipment delivery schedule to achieve PRP’s aggressive development timeline.

Manassas Pointis located in the industrial heart of Manassas, VA. It is situated in close proximity to Iron Mountain’s other Data Centers in the County. The Northern Virgina Data Center market (predominantlyLoudoun and Prince Willam Counties) is the largest Data Center market in the Country and is responsible for processing 70% of the world’s Data Center traffic flow.

“We are very excited and proud to have orchestrated this complicated project in a very challenging Data Center environment,” said Steve Muller, Managing Director at PRP, who led this investment for the firm. “Importantly, this is a win/win transaction for everybody and will bring significant economic development to Prince William County while strengthening Iron Mountain’s development pipeline and commitment to the Manassas community.”

ABOUT PRP

PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in data centers and Special Situation investing. Founded in 2005, PRP executes value add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

CONTACT:

Colleen Ramsey

PRP, LLC

202-741-8400

The loan refinances a five-property logistics portfolio which includes over 4.52MM Square Feet of Class A
logistics properties 100% leased to investment grade credit tenants with 13 years of lease term.

WASHINGTON, DC – November 13, 2024 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed on a $291MM Single-Asset, Single-Borrower CMBS loan backed by a five-property logistics portfolio. The loan, underwritten by J.P. Morgan and arranged by Eastdil Secured, includes 4.52MM square feet of newly constructed Class A distribution centers fully leased to investment grade tenants. Tenants in the portfolio include (i) a global on-line retailer, (ii) one of the largest home improvement companies in the United States and (iii) a leading global manufacturer of power tools. The five properties are located within strong distribution markets including Houston, TX, Greenville-Spartanburg, South Carolina, St. Louis, Illinois and Birmingham, Alabama.

Paul C. Dougherty, President of PRP, stated, “We were pleased to have worked with J.P Morgan as the underwriter of this financing. These five properties are well-located within major national distribution markets. The properties are built to the highest modern development standards with heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property.”

CONTACT:

Colleen Ramsey

PRP, LLC

202-741-8400