PRESS
12/22/2014
Woburn, MA - Panther Properties announced that it has closed on the sale of Avalon Apartments in Pensacola, Florida. Panther sold the 276 unit Class "A" apartment community for $27.95 million.
Panther Properties acquired Avalon Apartments in the summer of 2010 through the purchase of a non-performing loan from Bank of America at a 30% discount to construction cost. At the time of purchase, Avalon Apartments was an underperforming asset in Pensacola, a market characterized by stable growth.
Panther completed a detailed property assessment prior to closing and began executing on the operating plan on closing. With capital improvements completed early in ownership, Panther engaged in a strategic marketing plan to grow occupancy at the underperforming property. Over the four-year holding period, Panther increased economic occupancy to 92% from 70%, which translated into a 50% growth in net operating income.
Panther Founders stated that "Panther's experience with Avalon Apartments show how important preparation, planning and ground-level execution is to building a successful multifamily real estate brand. The Panther team created value by transforming Avalon Apartments from an underperforming asset into a highly-desirable, customer focused community."
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 Avalon Apartments in the summer of 2010 through the purchase of a non-performing loan from Bank of America at a 30% discount to construction cost. At the time of purchase, Avalon Apartments was an underperforming asset in Pensacola, a market characterized by stable growth.
Panther completed a detailed property assessment prior to closing and began executing on the operating plan on closing. With capital improvements completed early in ownership, Panther engaged in a strategic marketing plan to grow occupancy at the underperforming property. Over the four-year holding period, Panther increased economic occupancy to 92% from 70%, which translated into a 50% growth in net operating income.
Panther Founders stated that "Panther's experience with Avalon Apartments show how important preparation, planning and ground-level execution is to building a successful multifamily real estate brand. The Panther team created value by transforming Avalon Apartments from an underperforming asset into a highly-desirable, customer focused community."
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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