A Seasoned Professional Bringing Significant Real Estate Investment Experience to PRP
WASHINGTON, DC – August 21, 2023. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has hired Tom Wasko as Director, Acquisitions and Investments. In this role, Mr. Wasko will be focusing on acquiring special situation and distressed investments for PRP’s balance sheet.
“We are excited to make this important strategic hire to further build upon our talented team as we embark on an interesting new phase of the commercial real estate cycle,” said Paul Dougherty, President of PRP. “Tom is an extremely accomplished commercial real estate professional, and we look forward to benefiting from his expertise as we navigate the evolving real estate investment climate here in the United States.”
Mr. Wasko commented, “PRP has an impressive investment history in multiple sectors, and a great following from some of the largest lenders and investors across the globe. I am excited to join PRP at this very interesting time in our industry and look forward to leveraging my experience in the sector to take advantage of what will certainly be an incredible buying opportunity in the coming cycle.”
Tom will be based in Washington, DC and will be responsible for helping to grow PRP’s distressed and special situation investment platform. Mr. Wasko brings to PRP 10 years and over $2.5 billion of transaction experience in commercial real estate. Prior to PRP, from 2018 to 2023, he served as an investment professional at a New York City based asset management firm, where he was a founding team member of a platform that acquired core and core-plus office and multifamily properties in various US markets. In 2014, Tom started his career as a capital markets professional at JLL where he executed over $1.6 billion in investment sale, equity placement and financing transactions for a range of product types, including office, multi-family, retail and mixed-use developments.
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. 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 $5 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 95,000 SF High Street shopping center is located in one of Washington, DC’s most affluent neighborhoods.
WASHINGTON, DC – July 24, 2023 – PRP announced today that it has acquired Spring Valley Village, a premiere high street retail center located in the Spring Valley neighborhood of Washington, DC. The property was acquired for $47.5MM.
Located along Massachusetts Avenue just south of the Maryland border, Spring Valley Village is anchored by Crate & Barrel and a host of successful upscale tenants, such as Millie’s Restaurant, CapitalOne Bank, Starbucks, Small Door Veterinary, Compass Coffee and Bluestone Lane. The six-building, 98% leased center was originally constructed in 1939 and was renovated and expanded in 2017. Spring Valley Village is one of the oldest shopping centers in the DC metropolitan area and is listed on the National Register of Historical Places. PRP will enhance the aesthetics and operations of the center while selectively remerchandising the center given its superior demographics and traffic counts.
Spring Valley Village is located in Upper Northwest Washington and is easily accessible from all areas of Washington, DC, Northern Virginia, and the nearby Maryland neighborhoods of Chevy Chase, Bethesda and Potomac. The Property is walkable from some of DC’s best neighborhoods and is integral in the everyday life of nearby residents. The demand is buoyed by a retail desert, as there is approximately 2.8 SF of retail per capita within 1.5 Miles of the Property, nine times below the national average. The area boasts $357,100 in average household income with a population of 168,400 within a three-mile radius of the center. Spring Valley Village is also adjacent to American University, which has a growing enrollment of over 14,800 students.
“We are incredibly excited to acquire this successful and well-located shopping center,” stated Paul Dougherty, President of PRP. “Spring Valley Village is truly a unique center in an unparalleled demographic in Washington, DC. We look forward to creating a higher shopping experience through our ownership and steward of this historic property.”
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. 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 $5 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
4900 Seminary Road has become The Sinclaire on Seminary, a 212-unit luxury apartment building in the Mark Center Submarket of Alexandria
WASHINGTON, DC – February 27, 2023 – PRP announced today that it has completed the transformation of 4900 Seminary Road in Alexandria from a vacant office building to a 212-unit luxury apartment building. This represents an optimal conversion execution, from office to Class A residential use.
Located at 4900 Seminary Road in the Mark Center submarket of Alexandria, Virginia, the Sinclaire on Seminary is now a 212-unit luxury fully-amenitized high-rise apartment community with first-floor retail. The Sinclaire on Seminary offers its residents spacious units averaging 850 square feet, extra large windows providing light and air, and ceiling heights over 10 feet. The Sinclaire on Seminary provides several amenities to its residents including a generous fully contained dog park for the exclusive use of its residents, ground-floor retail, individual storage spaces throughout the building, an indoor parking garage connected by a covered walkway, and significant outdoor lounge areas with firepits, a bocce court, and outdoor recreational opportunities. PRP will target LEED status as well as an Energy-Star rating for the apartment building.
The Sinclaire on Seminary is located within the Mark Center submarket, an amenity-rich location that is situated along I-395 in Alexandria and 10 minutes from Amazon’s HQ2, The Pentagon, National Landing and numerous government facilities. The location offers approximately 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. The building is across the street from the Mark Center Transit Center, providing regional and local bus service as well free shuttle service to two nearby Metrorail stations.
“We are incredibly proud of this office to residential conversion”, stated Paul Dougherty, President of PRP. “The Sinclaire on Seminary represents a perfectly-executed adaptive reuse project. The office building was a highly efficient and optimal candidate for conversion given its rectangular shape, narrow bays, high ceiling heights and our low basis, all requisites for successful conversions. We were able to get this project capitalized and kicked-off at the onset of Covid in what was an incredibly challenging time. The final product is the most luxurious and highly-amenitized property in the Mark Center submarket”.
The Sinclaire on Seminary is managed by Kettler, and welcomed its first residents in December of 2022.
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. 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 55 assets with a value in excess of $5 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 www.prprei.com.
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400
WASHINGTON, DC – September 26, 2022 – PRP announced today that it has hired Matt McCoy as Managing Director of Net Lease Investments.
“We are excited to make this important strategic hire and further build upon our talented net lease team as we continue to grow our platform”, said Paul Dougherty, President of PRP. Matt is an extremely accomplished commercial real estate investor and corporate finance banker that has specialized in the net lease space for his entire career. We look forward to benefiting from his leadership and experience in this sector”.
PRP is a leader in corporate Net Lease investing, having invested in 27 Net Lease investments for over $3.5B in total capital invested, encompassing 12.5MM square feet of space.
Matt McCoy will be based in Washington and Charlotte, North Carolina and will be responsible for overseeing and growing PRP’s Net Lease investment platform. Mr. McCoy brings to PRP more than 25 years and $25 billion of experience in commercial real estate investments, capital markets, private equity and investment banking. Most recently, Mr. McCoy served Managing Director at Eastdil Secured. Prior to Eastdil, Mr. McCoy was President of the Stonemont Income Fund at Stonemont Financial Group, a diversified real estate investment manager. Immediately prior to joining Stonemont, Mr. McCoy served as Head of Corporate Net Lease Capital Markets at Wells Fargo Securities LLC.
About PRP
PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 acquired, developed or invested in over 50 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 www.prprei.com.
CONTACT: Colleen Ramsey, PRP, LLC, 202-741-8400,