Posted By: Sara Nicponski

Woburn, MA – Panther Properties is pleased to announce the sale of Mandalay Villas Apartments in McDonough, Georgia for $40,600,000 or approximately $135,000 per unit on October 14th, 2016. The property was purchased in April of 2011 for a total all-in cost of $32,025,000 or approximately $106,750 all-in per unit. Mandalay Villas is a 30-acre, 300 unit-class "A" apartment community located in Henry County.

McDonough is well-situated immediately off Interstate 75 and approximately 20 miles south of downtown Atlanta and 20 miles from the Hartsfield-Jackson Atlanta International Airport. It is central to many of the major employers in the area such as Georgia Pacific, Delta Airlines, Dollar General, Piedmont Henry Hospital as well as the highly regarded Henry County School system.

Mandalay was acquired as a stabilized, cash flowing property generating annual net operating income of $1,948,451. Over the course of Panther's 5 ½ year ownership, Panther grew the annualized net operating income to over $2,500,000.

Panther Management commented, "We were attracted to this property in 2011 because of its superior location and the strong growth Atlanta was experiencing post-recession. This is our sixth full cycle transaction since Panther was founded in 2009 and has contributed to the strong investor returns we have experienced. This transaction was 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

Panther Residential Management is a Boston-based private equity real estate firm engaged in the acquisition, development, and management of multifamily communities throughout the Southeastern United States. Panther is a full-service firm that has acquired or developed over 6,000 residential apartment units with a combined transaction value of over $1 billion.

For additional information, please contact:

Sara Nicponski | Investor Relations
Panther Residential Management | 781-935-4500 x233