PRP Acquires Apartment Community in Maryland for $70.4M

GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.