Posted By: Admin DreamingCode

Woburn, MA - Panther Properties announced that it has completed the sale of the Victoria Manor Apartment community in Lakeland, Florida. Panther sold the 23.3-acre 352-unit Class "A" luxury community for $37.7 million.

Panther acquired Victoria Manor Apartments in late 2010. During the 3 1/2 year ownership period, Panther transferred property management from a third-party manager to Panther's own newly-formed management company. Full-control over the property allowed Panther to systematically implement operational improvements. Panther's property management team worked diligently on property-level execution, first stabilizing then increasing physical occupancy, and improving economic occupancy materially prior to disposition.

In reference to the sale, Panther Co-Founder stated, "I'm proud of the entire Panther team for their performance in managing Victoria Manor. Panther has distinguished itself as a best-in-class manager with deep skills from acquisition and property management to disposition. Eric Wardrop, Director of Acquisitions, added that the disposition comes at an opportune time as the firm's pipeline offers multiple opportunities to redeploy capital into high-quality projects that fit with Panther's rigorous investment criteria."

About the Panther Group

The Panther Group is private equity firm engaged in the purchase and management of multifamily real estate assets primarily in the Southeastern United States. Panther is a full-service firm that owns and manages over 4,000 residential with a combined value of over $400 million.

For additional information, please contact:

Eric Wardrop, Director
Panther Properties Management, LLC
781-935-4500 extension 230