PGIM Real Estate’s Impact Value Partners (IVP) fund, a private equity real estate investment fund investing in affordable housing and transformative development, has realized its first asset through the sale of The Vale in Washington, D.C. The financial terms and new owner were not disclosed.
The Vale was developed in partnership with Hines, Urban Atlantic and Triden Development Group. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial.
A nearly completed 301-unit apartment building located at The Parks at Walter Reed master-planned development, The Vale was the first investment made by PGIM Real Estate’s Impact Value Partners fund in 2018, and its disposition marks the first round-trip investment for IVP. The sale of the property also marks the first realized asset in the broader redevelopment of the former Walter Reed Army Medical Center site.
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