The 4th quarter of 2009 and beginning of 2010 have been very exciting and prosperous for the PRG Investments team. The past year was a trying time for real estate professionals, but we resolved to work harder and smarter. The fruits of our labor paid off for us and our valued clients and partners, as we closed millions of dollars in transactions in the second half of 2009. Our closed transactions ranged from all different types- from retail to multi-family. We represented and partnered with a local investment group in the purchase of a NNN sale leaseback transaction in Georgetown, Kentucky; we brokered the sale of a value-add apartment complex for a local owner, and we represented a local physicians group in the purchase of a new construction medical office building. Additionally, we represented two local banks in commercial property short sale transactions. Our deal activity crossed many different sectors of real estate brokerage- from on market stabilized properties to off market, non-stabilized distressed deals.
Our property and asset management business has continued to expand. Through our joint venture partnership with All Trade Service Solutions, we manage hundreds of apartment units in Louisville and Southern Indiana. We also manage properties for local banks.
We are also expanding our real estate investment syndication division. In the 2nd half of 2009, we formed a partnership that acquired an apartment building in Old Louisville that is currently undergoing a complete rehabilitation. We also formed a partnership that purchased a self storage property on Fern Valley Road. PRG Investments looks forward to expanding our investment syndicate division in 2010. If you have any interest in participating as a qualified investor, please call or contact us at pinnacle@prginvestments.com.
We are proud of the depth and breadth of our firm’s involvement in the local and regional real estate market and are pleased to share this with you. With all of the volatility in the market these days, one thing remains constant- we continue to provide high quality service to our clients, investors and partners. We are reaching out to you because we are confident we can provide beneficial services to you, regardless of your industry or background. Indeed, these are exciting times with many opportunities.
Sincerely,
Reed Weinberg
Principal