Posted By: Admin DreamingCode

Woburn, MA – Panther Properties is pleased to announce the sale of Integra Cove Apartments for $60.4 million on June 23rd, 2016. Integra Cove is a newly developed 338-unit Institutional Class "A" apartment community which was completed in December of 2015. It is the second property from Panther's 2013 PPI Fund I to be developed, stabilized and sold. Integra Cove is ideally located adjacent to the main entrance to SeaWorld, immediately off Interstate 4 in the heart of South Orlando. Construction began in February 2014, and was completed in December 2015.

Panther Principals commented that "Integra Cove was the second full-cycle transaction of the three development projects that were part of Panther's PPI Fund I. Panther managed the projects from construction through the lease-up and disposition phases. The on budget and early completion of the three developments demonstrated Panther's ability to identify attractive development opportunities and execute on its plan in a timely and cost-effective manner." Panther Principals continued, "Our goal was to make Integra Cove the premier multifamily property in the area by providing first-class amenities, such as a state of the art gym, business center, and expansive outdoor kitchen and lifestyle area. Rapid lease-up and high satisfaction rates indicate that Panther's strategy resonated strongly with renters."

The two remaining properties in Panther's PPI Fund I are located in Chattanooga, Tennessee, a region demonstrating some of the strongest employment metrics in the South. In closing, Panther Principals added "PPI Fund I is Panther's first fund-style investment opportunity. It is proving to be one of the firms most successful and dynamic investments to date. This fund has been a collective group effort and we would like to express our appreciation to all of the investors who
supported this project as well as the many dedicated Panther employees whose commitment and exceptional work contributed to its success."

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 re-positioned over 5,000+ residential apartment units with a combined value of over $700 million.

For additional information, please contact:

Eric Wardrop, Director
Panther Properties Management, LLC
781-935-4500 extension 230