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Heritage Capital Group and Pegasus Residential Join Forces to Continue North Carolina Portfolio Expansion

Alpharetta, GA, June 22, 2011 --( Heritage Capital Group and Pegasus Residential join forces to continue North Carolina portfolio expansion.

Heritage Capital Group, the investment arm of Heritage Management, announces its expansion into the Raleigh, NC Market with the purchase of 3 apartment communities along with a partnership with Pegasus Residential, a professional property management company based in Alpharetta, GA.

Heritage Capital Group has chosen Pegasus Residential as the management company for this $51.5 million, 964 unit purchase solidifying a partnership in the Raleigh and Cary markets. The addition of these three communities gives Pegasus Residential a significant presence in the North Carolina market with a total of seven communities.

The purchase price, about $54,000 a unit, is impressive in a recovering market. Investors are flocking to multifamily investments which offer strong cash flow and are improving much faster than other commercial real estate sectors. A lack of new construction in the single family housing market has rental rates rising in the Triangle Area of North Carolina.

The Lakes is a 600 unit apartment community and Arden Woods is a 184 unit community in North Raleigh with close proximity to North Hills. The Lakes offers one and two bedroom garden style apartments with an amenity package that entices residents to enjoy a healthy lifestyle. Arden Woods offers unique loft style one and two bedroom apartments with two levels for privacy. Williamsburg Manor is a 183 unit townhome community located close to Crossroads in Cary, NC.

Current residents can expect a streamlined transition to the new management company as well as extra services and upgrades offered through Pegasus Residential and Heritage Capital Group.

“We continue to owe our explosive growth to the amazing associates of Pegasus. All three of these new management contracts are a direct result of our teams exceeding the market in every state where Pegasus operates. Regardless of the conditions, our teams are making it happen and making our clients very happy...We are honored to have all three of these communities in our portfolio,” said Lindy Ware, President of Pegasus Residential.

Heritage Capital Group, LLC was founded by Jeffrey Greenberg and Steven Greenberg, principals of Heritage Management Company, to focus on acquiring select office, flex, industrial and retail properties in the Mid-Atlantic region and nationwide. The partners’ complimentary skill sets provide the foundation for a robust and formidable progressive organization. Heritage Capital Group serves as the investment arm of a larger real estate organization that also includes the Heritage Management Company.

Pegasus Residential is a professional property management company that believes in taking personal accountability for delivering passionate, professional and polished service to their clients, thereby creating unique and life changing experiences. Founded in 2009, it is committed to the highest standards in all facets of its business. Its core leadership team has more than 75 years combined experience on real estate projects in a dozen states. Current operations are in Georgia, Florida, North Carolina, South Carolina, Louisiana, Alabama and Texas.

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Pegasus Residential
Bevan White

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