PRP raises $27 million on CrowdStreet for $81M office-to-residential conversion in Northern VA
WASHINGTON, DC — PRP, the real estate investment management company and developer based in DC, and CrowdStreet, the online real estate investing marketplace, announced that PRP raised $27 million on CrowdStreet for an $81 million residential conversion project in Northern VA. 426 people invested in the offering on CrowdStreet, enabling PRP to raise $1 million every four and a half minutes online. The property at 4900 Seminary Rd. in Alexandria is a 12-story, 209,000 s/f office building adjacent to Mark Center, one of the largest employment centers in Northern VA. The adaptive reuse project is in a federal Opportunity Zone, which has potential tax benefits for investors.