PRESS
04/01/2011
April 1st, 2011 – Burlington, Massachusetts and McDonough, Georgia – Panther Properties Management LLC is pleased to announce its newest acquisition, Mandalay Villas Apartments, in McDonough, GA. The property consists of 300 units situated on 30 acres and was purchased for $28,800,000 from the original developer, Davis Development. Cushman Wakefield's Apartment Brokerage Services represented the seller. Panther Properties secured a Bridge Loan through Wells Fargo for the acquisition and are currently working with Wells Fargo Multifamily Capital to secure a permanent FHA 223f loan.
"The Mandalay Villas acquisition will make an excellent addition to our growing Southeastern United States portfolio," said David R. Masse, co-founder of Panther Properties. "Our platform has led to four successful acquisitions since January 2010 and we plan to continue adding quality Class 'A' multifamily assets."
Mandalay Villas was developed in 2008 by Davis Development, Inc. headquartered in Stockbridge, Georgia. It is conveniently located off I-75 and provides easy access to all the local attractions including the Hartsfield-Jackson Atlanta International Airport and Downtown Atlanta. The property features 1, 2 and 3 bedroom luxury apartments with numerous amenities such as a fitness center, attached garages, resort style pool, and a media center. Panther plans to make several upgrades to the property including the pool area, common areas and signage. In addition to these upgrades, Panther will also be adding a dog park, an outdoor sports court and additional fencing to fully enclose the entire property making Mandalay Villas a fully gated community.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 200 units in size throughout the Southeastern United States. For more information about Panther Properties' acquisition criteria, please contact Eric J. Wardrop at (718) 909-9600 or ewardrop@pantherpi.com.
"The Mandalay Villas acquisition will make an excellent addition to our growing Southeastern United States portfolio," said David R. Masse, co-founder of Panther Properties. "Our platform has led to four successful acquisitions since January 2010 and we plan to continue adding quality Class 'A' multifamily assets."
Mandalay Villas was developed in 2008 by Davis Development, Inc. headquartered in Stockbridge, Georgia. It is conveniently located off I-75 and provides easy access to all the local attractions including the Hartsfield-Jackson Atlanta International Airport and Downtown Atlanta. The property features 1, 2 and 3 bedroom luxury apartments with numerous amenities such as a fitness center, attached garages, resort style pool, and a media center. Panther plans to make several upgrades to the property including the pool area, common areas and signage. In addition to these upgrades, Panther will also be adding a dog park, an outdoor sports court and additional fencing to fully enclose the entire property making Mandalay Villas a fully gated community.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 200 units in size throughout the Southeastern United States. For more information about Panther Properties' acquisition criteria, please contact Eric J. Wardrop at (718) 909-9600 or ewardrop@pantherpi.com.
Posts by Category
We Suggest
Monthly Archive