PRG Real Estate Acquires Apartments in Raleigh


PRGPRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Falls Apartment Homes, located in northwest Raleigh, North Carolina.

The Falls is a 396-unit garden-style apartment community located in what Forbes magazine reported as the second fastest growing city in the United States. The property is about 5 miles north of North Carolina State University, home to 35,000 students and 8,000 full time employees. Constructed in 1987 as The Players Club, a singles community, we look to take The Falls back to its roots as a “hip modern community” suited for today’s young professionals and Millennials. The Falls’ proximity to North Carolina State University’s campus and just a 15 minute commute to Research Triangle Park, downtown Raleigh, and the RDU Airport make it an excellent location for students and post-grads alike.

The Falls will undergo a massive $5.8 million capital improvement plan which will transform both the interior and exterior of the property. At $14,000 per unit, this will be the largest rehab in PRG history. Stainless steel appliances, faux granite counters and brand new 42” espresso colored cabinets will replace the dated euro-style cabinets and laminate counters. Exterior improvements include residing the buildings with Hardi-board, adding a dog park, resurfacing the pool deck and all new property signage. The most thrilling project is redesigning the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500 square foot state-of-the-art fitness center.


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