PRP acquired this 200,000 SF office building located in an Opportunity Zone at a cost of $22MM. PRP bifurcated the land and improvements, selling the land for $36MM. PRP then embarked on a gut rehab and conversion to a 213-unit Class A apartment property.
- Conversion of a 1986-built office building into a 213-unit luxury apartment with ground floor retail
- 10-minute drive from Amazon HQ2
- Adjacent to Mark Center business park with over 7,000 employees
- PRP raised $40MM in Crowd Funding commitments in two hours, the fastest crowd funding ever
- PRP created a favorable 99-year ground lease and sold off the ground in January 2021 for $36MM, or 80% above the basis for the building
- Opportunity Zone investors will have capital gains tax protection after Year 10 of the investment
