PRESS
10/23/2015
Woburn, MA – Panther Properties announces the closing of the sale of Integra Village Apartments in Sanford, Florida for $33.5 million on October 23, 2015. Integra Village in Sanford Florida was one of the four assets in Panther's PPI Fund I. Panther raised capital for the Fund in late 2013 and early 2014 to purchase one stabilized Class "A" asset and three ground-up development projects. Integra Village was one of the firm's two ground-up developments in the greater Orlando, Florida area. PPI Fund I owned 60% of the Villages property.
When Panther developed the project in 2013, rental demand in the Orlando area exceeded supply, making it an excellent location for a new build project. Construction of Integra Village started in the second quarter of 2014. Panther began pre-leasing the property in January 2015, and construction of the 209-unit community was completed in the second quarter of 2015. Lease-up velocity was ahead of schedule, and as of the third quarter of 2015 Integra Village was 74% leased and 65% occupied.
Panther Founders commented that, "Integra Village is the first full-cycle transaction of the three properties that were sold that Panther managed from construction and development to lease-up and disposition. The short build to disposition time frame clearly demonstrates Panther's ability to identify attractive development opportunities in markets with compelling fundamentals and execute on its plan in a timely and cost effective manner. The location, quality of construction and amenities made this property attractive to a number of institutional investors who wanted a presence in this dynamic sub-market of Orlando despite not being fully stabilized.
Moreover, the transaction highlights how Panther adds value through both the construction and rapid lease-up by developing assets at costs below prevailing market value of existing similar properties in their geographic area." In closing, Panther Founders added, "We are proud of Panther's accomplishments and pleased to continue to provide our investors with strong returns.
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
When Panther developed the project in 2013, rental demand in the Orlando area exceeded supply, making it an excellent location for a new build project. Construction of Integra Village started in the second quarter of 2014. Panther began pre-leasing the property in January 2015, and construction of the 209-unit community was completed in the second quarter of 2015. Lease-up velocity was ahead of schedule, and as of the third quarter of 2015 Integra Village was 74% leased and 65% occupied.
Panther Founders commented that, "Integra Village is the first full-cycle transaction of the three properties that were sold that Panther managed from construction and development to lease-up and disposition. The short build to disposition time frame clearly demonstrates Panther's ability to identify attractive development opportunities in markets with compelling fundamentals and execute on its plan in a timely and cost effective manner. The location, quality of construction and amenities made this property attractive to a number of institutional investors who wanted a presence in this dynamic sub-market of Orlando despite not being fully stabilized.
Moreover, the transaction highlights how Panther adds value through both the construction and rapid lease-up by developing assets at costs below prevailing market value of existing similar properties in their geographic area." In closing, Panther Founders added, "We are proud of Panther's accomplishments and pleased to continue to provide our investors with strong returns.
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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