PRG Real Estate, a multifamily real estate investment and management company, announced it has acquired the 96-unit Herons Point Apartments, a garden-style community located in Virginia Beach, Virginia. The transaction was completed off-market and strengthens the company’s presence in the Hampton Roads region.
Constructed in 1989, Herons Point is situated adjacent to The Courtyards of Chanticleer, a 304-unit property already owned by PRG. The proximity of the two communities is expected to create operational efficiencies through shared resources while maintaining service quality for residents.
The property is located near Linkhorn Bay and offers residents access to waterfront amenities, including walking paths and fishing. It is also positioned close to the Virginia Beach Boardwalk, shopping and dining destinations, and provides convenient connectivity to Norfolk and Hampton. Community features include an on-site swimming pool and a coastal residential setting.
Following the acquisition, PRG Real Estate’s portfolio now includes nearly $2.5 billion in multifamily assets, totaling 11,262 units, with an additional 760 units currently under construction.
PRG Real Estate operates a nationwide portfolio of more than 11,000 apartment units and employs over 300 people, focusing on delivering long-term value through operational execution and resident experience enhancements.
KEY QUOTE:
“Herons Point offers a compelling combination of location, waterfront setting, and operational upside. Our plan is to make targeted improvements that elevate the community while maintaining its established character. We are focused on delivering long-term value through disciplined execution and an exceptional resident experience.”
Sam Foster, CEO, PRG Real Estate
