PRESS
11/04/2014
Woburn, MA - Panther Properties announced that it has closed on the sale of Venue Apartments in Orlando, Florida. Panther sold the 306 unit Class "A" apartment community for $43.3 million.
Panther Properties acquired Venue Apartments in January 2010 in an FDIC auction. Venue's ownership history left the high-quality community under managed for several years. Panther viewed Venue as an opportunity to enter the attractive Orlando market with the purchase of a quality asset at a discount price.
Panther increased the property's profile with modest capital improvements, making Venue an attractive community in a competitive market. As a result of Panther's active management, economic occupancy increased to 92% from 78% over the approximate four-year holding period, driving a 45% increase in net operating income.
Panther Founders commented that "The Venue transaction is an excellent example of Panther's investment approach, showing that prudent financing and purchase price discipline combined with hands-on asset management drive success in multifamily real estate investing."
About the Panther Group
The Panther Group is a 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, manages or has repositioned over 5,000+ residential apartment units with a combined value of over $600 million.
For additional information, please contact:
Eric Wardrop, Director
Panther Properties Management, LLC
ewardrop@pantherpi.com
781-935-4500 extension 230
Panther Properties acquired Venue Apartments in January 2010 in an FDIC auction. Venue's ownership history left the high-quality community under managed for several years. Panther viewed Venue as an opportunity to enter the attractive Orlando market with the purchase of a quality asset at a discount price.
Panther increased the property's profile with modest capital improvements, making Venue an attractive community in a competitive market. As a result of Panther's active management, economic occupancy increased to 92% from 78% over the approximate four-year holding period, driving a 45% increase in net operating income.
Panther Founders commented that "The Venue transaction is an excellent example of Panther's investment approach, showing that prudent financing and purchase price discipline combined with hands-on asset management drive success in multifamily real estate investing."
About the Panther Group
The Panther Group is a 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, manages or has repositioned over 5,000+ residential apartment units with a combined value of over $600 million.
For additional information, please contact:
Eric Wardrop, Director
Panther Properties Management, LLC
ewardrop@pantherpi.com
781-935-4500 extension 230
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