PRG Real Estate Acquires 96-Unit Herons Point Apartments in Virginia Beach

VIRGINIA BEACH, Va., March 17, 2026 /PRNewswire/ -- PRG Real Estate, a leading multifamily real estate investment and management firm, has officially closed on Herons Point Apartments, a 96-unit garden-style apartment community in Virginia Beach. The acquisition was completed off-market and further expands PRG's footprint in the Hampton Roads region.

Built in 1989, Herons Point sits directly adjacent to The Courtyards of Chanticleer, a 304-unit community in the PRG portfolio. The proximity of the two properties allows PRG to streamline operations, improve efficiencies, and leverage shared resources while maintaining a strong focus on delivering a high-quality resident experience.

Situated near Linkhorn Bay, Herons Point offers residents a serene waterfront setting just minutes from the Virginia Beach Boardwalk, major shopping and dining destinations, and convenient access to Norfolk and Hampton. Community amenities include an on-site swimming pool and access to walking paths and fishing along the bay, further enhancing its coastal appeal.

"Herons Point offers a compelling combination of location, waterfront setting, and operational upside. Our plan is to make targeted improvements that elevate the community while maintaining its established character," shared PRG Real Estate CEO, Sam Foster. "We are focused on delivering long-term value through disciplined execution and an exceptional resident experience," he added.

With the acquisition of Herons Point, PRG now owns nearly $2.5 billion in multifamily assets, totaling 11,262 units, with an additional 760 units currently under active construction.

About PRG Real Estate

PRG Real Estate is a multifamily investment and management company that owns $2.0 billion of apartment homes across its 11,000-unit portfolio and has 300+ employees nationwide. PRG believes that an exceptional living experience starts with its people. It achieves this mission by hiring and training the best in the industry and creating a supportive and rewarding workplace that inspires its people to achieve great things together. For more information on PRG Real Estate, please visit www.prgrealestate.com.

SOURCE PRG Real Estate Management, Inc.