NHP doubles NYC presence through PRC joint venture.

NHP Incorporated, a national multifamily property manager and real estate service provider, and Property Resources Corporation (PRC), a prominent New York City real estate firm, have signed an agreement to enter into three separate joint ventures. These ventures will dramatically expand NHP's property management portfolio in New York City and provide an additional growth avenue for future management.

The ventures will also create an innovative maintenance services business that will benefit both from NHP's national scope and strong financial resources and from PRC's local market knowledge and network of alliances.

NHP will purchase an interest in a limited liability property management company from PRC. The resulting company, NHP/PRC Management Company LLC, will own 15-year property management rights on a portfolio of 19 HUD-subsidized properties comprised of 2,426 apartment units in New York City.

This will double NHP's presence in New York City, bringing its total management portfolio in this area to more than 5,000 apartments.

Aptek Maintenance Services LLC will initially provide maintenance services, including painting, plumbing, roofing, and other repairs, to existing NHP-managed properties in New York City and will offer the same services to third-party apartment owners. Aptek Maintenance may be expanded to other geographic areas where NHP enjoys a concentration of properties, as well as to serve other third party apartment owners in New York City.

Aptek Management Company LLC will provide fee-based property management services to third-party owned residential condominiums and co-ops, public housing, and hospital and university housing within the tri-state area. Aptek Management intends to both market its services directly and to acquire other residential management companies.

"These joint ventures with PRC reflect our strategy to capitalize on our scale. We've expanded our array of real estate services by entering the multi-family maintenance business and enhanced our ability to attract third-party fee management," explained J. Roderick Heller, III, chairman of NHP. "NHP/PRC Management Company fits with our strategy to grow our core property management business by doubling our presence in New York City. This transaction alone is expected to contribute over $2.1 million in the first year to the company's revenue," Heller said.

"We are very excited about initiating a joint venture with such a well-respected company that is a leading player in a rapidly consolidating industry," said Frank E. Linde, president of PRC. "NHP brings a vast amount of resources to the table, including significant buying power, proven business expertise and a focus on expanding into additional service areas related to multi-family housing."

"We are also looking forward to developing Aptek Management into a vibrant and growing company and a significant force in the industry for both New York City-based property management contracts and multifamily property management firms seeking to be acquired," Linde added.

PRC is a full-service residential real estate company serving the New York metropolitan area for over 25 years. The firm has built and developed over $500 million in housing, including such prominent buildings as The Savannah, The Princeton House, and The Regatta. PRC manages over 60 cooperative, condominium, and government-subsidized buildings comprised of more than 7,000 apartments. PRC is also a partner in Real Estate On-Line, (http://www.city-wire.com), an internet business that specializes in advertising all forms of residential and commercial real estate.

NHP provides a broad array of real estate services including property management of over 130,000 apartments nationwide, asset management, equity investments, mortgage financing and servicing through Washington Mortgage Financial Group, as well as a growing group of related services including purchasing, risk management and home health care.

Aptek Management Company LLC and Aptek Maintenance Services LLC will be headquartered in New York, and NHP/PRC Management Company will be headquartered in Virginia.