PRP promotes Pulliam to portfolio manager

The Washington DC-based firm, which is targeting $400m for its US government-focused real estate fund, has promoted Andrew Pulliam. The fund held a $100m first close in July.

PRP Real Estate Investors has promoted Andrew Pulliam to portfolio manager of its $400 million US Government Properties Income and Growth Fund.

Pulliam was already responsible for sourcing and acquiring investments for the vehicle, and will now oversee management of the fund as well as fund performance, PRP said in a statement.

In July, the Washington DC-based firm held a $100 million first close on the US government-leased properties fund, having garnered capital commitments from roughly a dozen investors, people familiar with the matter told PERE at the time.

PRP started fundraising for the vehicle about 14 months ago. The firm is expected to exit its value-add fund investments by taking the government-leased portfolio public or selling to a REIT.

Last month, the firm closed on a $42.2 million deal to buy the FBI-leased office at 5740 University Heights in San Antonio, Texas, from ML Harris & Co. The property, which is leased to the FBI until January 2021, has a cap rate of around 8 percent, according to data provider Real Capital Analytics.

Prior to joining PRP, Pulliam was acquisitions and investment director at Atlanta-based federal government-leased property company, Republic Properties Corporation, and before then was acquisitions officer at Alpine Realty investments.