18A — January 17 - 30, 2020 — M id A tlantic
Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal $1 million raised every 4.5 minutes on online real estate investing marketplace PRP raises $27 million on CrowdStreet for $81M office-to-residential conversion in Northern VA
management company and d e v e l o p e r based in DC, and Crowd- Street , the online real estate invest- ing market- W
ASHINGTON,DC — PRP , the real estate investment
Paul Dougherty
place, announced that PRP raised $27 million on Crowd- Street for an $81 million resi- dential conversion project in Northern VA. 426 people invested in the offering on CrowdStreet, en- abling PRP to raise $1 million every four and a half minutes online. The property at 4900 Semi- nary Rd. in Alexandria is a 12-story, 209,000 s/f office building adjacent to Mark Center, one of the largest em- ployment centers in Northern VA. The adaptive reuse project is in a federal Opportunity Zone, which has potential tax benefits for investors.
positive that we were com- pelled to use CrowdStreet for another project, and I am very pleased that we did. 4900 Seminary Rd. was was over- subscribed in just two hours, which exceeded our expecta- tions. While we had ample interest from institutional Opportunity Zone funds and other institutional investors, we felt this was a much bet- ter source of capital for this project.”
4900 Seminary Road in Alexandria, VA occupancy expected in late 2021. The redevelopment will in- clude 213 market-rate rental units of class A multifamily in an amenity rich, park-like
Proceeds of the online equity raise will fund the property’s redevelopment. There also is a loan in place from Pacific West Bank . Construction begins in March, with initial
setting. Paul Dougherty , presi- dent, PRP, said, “This was our second offering on the CrowdStreet marketplace. Our first experience was so
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