Located in close proximity to Mark Center’s Department of Defense offices as well as Amazon HQ2 in National Landing, 4900 Seminary is an ideal candidate for office-to-residential conversion to capture the significant rental demand from employees working in the area. The property comprises 213 units across twelve floors, and offers amenities including ground-floor retail, individual storage spaces throughout the building, a parking garage connected by a covered walkway, and adjacent greenspace to be utilized as outside lounge areas, community gardens and a large dog park. Conversion is currently underway and is expected to finish in 2022.
PRP acquired this 100,000-square-foot office building adjacent to Rock Creek Park and just a block from Georgetown, in the West End submarket of the nation’s capital. After a gut renovation and extensive adaptive reuse project that added an additional 30,000 square feet, the property was transformed into 59 luxury residence units, with homes averaging 1,500 square feet. Standing alone and offering light and fresh air on all four sides — as well as expansive panoramic views of the city, Northern Virginia and Rock Creek Park — this asset is also home to the Washington, DC location of Nobu, the most famous Japanese restaurant in the world.
These three elevator-served buildings — each standing at four or five stories — include 225 units. The complex features structured parking and resident-focused, resort-style amenities: a swimming pool, an expansive clubhouse, a fitness center with an aerobic studio, a stadium-style movie theater, a conference room, a pub room with billiards and a great room with a fireplace. Concord Park at Russett is ideally located between Washington, DC and Baltimore, proximate to the NSA headquarters. PRP has fully renovated the clubhouse and is in the process of performing a full, in-unit renovation program.
As the U.S. population ages, demand for assisted living and dementia care is anticipated to rise. Acquired from a lending institution, the property was formerly a shuttered skilled-nursing facility, which we purchased at a significant discount to replacement cost. PRP converted and redeveloped this property, creating 54 assisted living beds and 71 memory-care beds.
This Class-B+ residential asset totaling 326 units was purchased at a discount to replacement cost. In the heart of the I-270 corridor, this is the biotechnology epicenter of the Mid-Atlantic region: home to the National Institutes of Standards and Technology, the National Institutes of Health and the Department of Energy. Alongside refreshing and enhancing the amenity areas, PRP will implement a strategic reduction of operating expenses. PRP is in the process of renovating units, which will result in a significant increase in rent prices. The Park at Kingsview Village offers 41 MPDU units, whose rents are $200 below unrenovated market rate units; these rates will expire in November 2020, enabling rent prices to be brought to market.