PRI Realty Advisors Portfolio: Wingate was engaged by PRI Realty Advisors to manage a total of 1,639 units in 17 properties in two recently acquired portfolios. The properties are located throughout Rhode Island and Massachusetts and were acquired utilizing 4% Low Income Housing Tax Credits along with Bond-Financed mortgages.
- The Right People: Wingate assembled a team with deep experience in all aspects of government subsidized housing, as well as team members that understand the investment side of the business with the ability to manage with efficiency. All of the properties will undergo significant renovations in the first two years of this assignment, requiring professionals with construction management capabilities.
- The Right Real Estate: The portfolio consists of a wide variety of building types including garden style and mid-rise. Within the first 24 months of ownership, PRI will provide up to $26 million in upgrades to the portfolio. Wingate is able to bring its deep experience across all property types to this large, diverse real estate portfolio.
- The Right Results: Wingate engineered a seamless takeover of this portfolio, reducing the impact on current residents, and have managed the coordination of the capital program, remaining on-time and on-budget for all major milestones.