PRP, LLC announced today the acquisition of The Beacon at Waugh Chapel, a Class A multifamily property in suburban Washington, D.C. The Beacon is PRP’s third national acquisition in the last five months and the company’s 32nd since inception in 2005. PRP partnered with AXA REIM US, LLC, the US subsidiary of AXA Investment Managers, a European real estate investment firm based in France, to acquire the asset. PRP will manage the day-to-day operations of the property.
“The Beacon’s location in the Baltimore Washington corridor as well as its proximity to the National Security Agency and Ft. Meade make this an exceptional acquisition for our partnership. As a local D.C. firm, we take pride in investing in our local communities. Partnering with AXA underscores the confidence foreign investors see in our U.S. real estate markets, specifically the Washington market,” said Paul Dougherty, President of PRP. “We look forward to improving upon operations at The Beacon and continuing to drive high occupancy at the property.”
Built in 2013, The Beacon at Waugh Chapel is a 298-unit, Class A property located in Gambrills, MD and is situated between Washington, D.C. and Baltimore. The Beacon is ten minutes from Maryland’s largest employer, the NSA and Fort Meade, a military installation that houses other Department of Defense operations. Located within Waugh Chapel Town Center, the proximity to this shopping center offers residents a plethora of restaurant options, coffee shops, retailers and a movie theater.
The Beacon is comprised of two four-story buildings that offer one, two and three-bedroom units boasting high-end details including granite countertops, stainless steel appliances, nine-foot ceilings, oversized windows and a private patio or terrace within each unit. Common areas include a resort-style swimming pool and grill stations, a state-of-the-art fitness center, a 6,500-square-foot ski lodge-style clubhouse and sports lounge with billiards.
“Through our acquisition of The Beacon, we are further diversifying our portfolio while taking on an opportunity to drive value through increased rents and efficiencies in operations. We will manage and lease the asset in-house and the property will continue to be a best-in-class apartment community appealing to the high volume of renters in the area,” commented Dougherty.
ABOUT PRP
PRP is a real estate investment management company with a focus on multifamily apartments and office properties. Founded in 2005 by Paul Dougherty, PRP executes value add strategies and manages a national portfolio of multifamily properties on behalf of institutional investors, family offices and financial institutions. PRP manages its investments through PRP REM, their property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has a proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets along the east coast of the United States. Since its formation, the company has invested over $1.5 billion in assets in all property sectors. PRP is privately held by its founder and is headquartered in Washington, D.C. with regional offices throughout the east coast of the United States. 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.
