A New York-based real estate firm specializing in affordable housing has rebranded to People Restoring Communities (PRC).
In addition, Matthew Linde, principal and CEO, and Benjamin Linde, principal and chief operating officer, have acquired full ownership of the firm, formerly known as Property Resources Corp. PRC is now under its third generation of family leadership.
The brothers will carry on in the positions they have held since 2022.
“As we usher PRC into its next chapter, we’re proud to be carrying the firm’s core values into new markets across the nation,” said Matthew Linde. “With a talented leadership team dedicated to making a meaningful impact through our work, we look forward to expanding our reach into national gateway communities where we can continue our firm’s legacy in creating much-needed affordable housing opportunities.”
PRC recently marked its first acquisition outside of New York with the purchase of Paulsboro Gardens Apartments, a 150-unit affordable housing complex in Paulsboro, New Jersey.
According to firm officials, the firm’s pipeline also includes projects in downtown Richmond, Virginia; Trenton, New Jersey; and Boston. PRC will continue to develop in New York, with the projected completion of projects in East New York and Beford-Stuyvesant as well as a new project planned in New Rochelle, which is scheduled to close later this year.
Founded in 1971, PRC’s track record includes the development or preservation of more than 20,000 apartments, representing nearly $1.75 billion in developed assets.