The transaction is dated to close by year-end, subject to customary closing conditions.

SB 196 provides a property tax exemption to affordable housing developers during construction.

The fund is the first fund venture for PRG Real Estate, which has a more than 30-year track record of successful investments throughout the United States with a current portfolio of more than 10,000 units, 275 employees, and more than $1.25 billion of assets under management.