Posted By: Admin DreamingCode

Woburn, MA - Panther Properties announced that it has acquired Astoria Riverside in Atlanta, Georgia. Panther purchased the 280-unit Class "A" luxury apartment community for $29.5 million.

Upon closing, the property was brought under Panther's operational umbrella and re-branded Panther Riverside Parc. The local property management team was upgraded with additional hires and has begun to convert the property to Panther's operational platform. Re-branding efforts and capital improvements include new signage along with minor renovations across the complex. All work was geared toward making the property more attractive to prospective renters and enhance the living experience for existing tenants.

Panther Riverside Parc is the firm's third property in Georgia and second in the Atlanta area. Panther now manages over 900 units in the state and nearly 600 in the Atlanta market.

Three leading news services have named Georgia the number one state in the U.S. for business. The business-friendly atmosphere is reflected in the favorable economic environment, particularly in Atlanta, which is increasingly becoming recognized as a world-class destination. As examples, both Mercedes Benz and NCR Corporation are relocating headquarters to the Atlanta area. Together, the moves will bring nearly 4,000 jobs to the city over the next several years.

Panther Co-Founders stated that, "Panther is excited to have the opportunity to build its portfolio of properties in Atlanta. Strong job and population growth are creating a dynamic economic environment that supports excellent fundamentals for multifamily real estate investing. Panther looks forward to growing its investment portfolio as the region develops further."

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
781-935-4500 extension 230