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Multifamily Sale at Walter Reed Redevelopment Marks PGIM Real Estate Fund’s First Round-Trip Investment
PGIM Real Estate’s Impact Value Partners (IVP) fund has realized its first asset through the sale of The Vale in Washington, DC. Sale terms weren’t disclosed. The Vale was developed in partnership with Hines, Urban Atlantic, and Triden Development Group.
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 the IVP fund in 2018 and its disposition marks the first round-trip investment for IVP. The sale also marks the first realized asset in the broader redevelopment of the former Walter Reed Army Medical Center site.
“The successful development and disposition of The Vale demonstrate how collaboration among the private and public sectors can contribute to the affordable housing supply while creating sustainable and healthy communities like The Parks at Walter Reed,” said Lisa Davis, executive director at PGIM Real Estate and portfolio manager for IVP.
- ◦Sale/Acquisition
