PRP markets operating partner fund
PRP, headquartered in Washington, D.C., is marketing its fourth fund, the PRP Operating Partner Fund, targeting equity commitments of $100 million. The firm aims to have the fund fully invested in four years.
The PRP Operating Partner Fund will focus on multifamily and office investments in six markets where PRP has local presence and/or deep knowledge and experience. The fund will seek value-added opportunities that generate current yield in markets with strong fundamentals and less investment competition. Target properties will have sufficient occupancy to pay a current yield of 6 percent to 7 percent.
PRP plans to target undercapitalized and poorly managed 200- to 400-unit class A and B multifamily properties, typically less than 20 years old with repositioning opportunities. And it will target underperforming 200,000- to 400,000-square-foot class A and B office assets with repositioning opportunities.
PRP believes the new multifamily cycle will be