Woburn, MA - Panther Properties, a private equity multifamily investment firm, has acquired Fern Parc (formerly Renaissance at Memorial) for $9.5 million ($27,860/unit). Fern Parc is a 341-unit Class "C" multifamily located at 4100 South Memorial Parkway, Huntsville, Alabama 35802. On January 2, 2014, Panther began construction on a $6.1 million ($17,836/unit) renovation of Fern Parc with the objective of upgrading the asset from a Class "C" community to the submarket-leading Class "B" community. The all-in project cost is anticipated to be $17 million ($49,707/unit). Panther intends to redevelop every facet of the property. Unit interiors will be completely remodeled including new kitchens, appliances, bathrooms, fixtures, flooring in addition to new energy efficient windows and French doors. Panther is also executing a complete upgrade to the Property's amenity package. The existing clubhouse and pool will be demolished to make way for a new modern clubhouse, state of the art fitness and business centers in addition to a zero-entry resort style swimming pool. Property exteriors will be enhanced by new facades and lush landscaping throughout.
The anticipated completion date of the Fern Parc renovation is February 2015. The delivery of the first renovated units took place on May 21, 2014. The newly renovated apartments garner rental increases in excess of 40%+ over the un-renovated units.
The acquisition marks Panther's second investment in Huntsville, Alabama. "Fern Parc offers Panther an opportunity to invest its capital in a well-located asset in an exceptional market (Huntsville) at a substantial discount to prevailing values," said Panther Properties CFO/Partner, David R. Masse.
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