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PRESS


06/08/2018
 
Posted By: Sara Nicponski

WOBURN, MA, May 14, 2018 - PRM is pleased to announce the sale of Sands Parc, a 264-unit Class "A" multifamily apartment community in Daytona Beach, Florida on May 1st for $46,200,000 or approximately $175,000 per-unit. Sands Parc is located at 100 Sands Parc Blvd, close to the crossroads of I-95 and I-4 and approximately 3 miles from Daytona's iconic International Speedway and recently developed retail and entertainment destination, One Daytona. The property was part of Panther's SE III Investors LLC Fund.

Development of the community began in December of 2015 and was completed and stabilized in October of 2017 at a cost of approximately $34,500,000 or $130,114 per unit. Included in this development is a 10,000 square foot club house which includes a state of the art fitness center, resort style community swimming pool complete with outdoor kitchens, as well as business and entertainment centers.

PRM's Principal/Director Eric J. Wardrop commented that "despite Daytona's strong recovery after the recession, little to no new development had taken place in the market between 2011 and 2015. We considered it an excellent time and opportunity to bring a new and different Class "A" apartment community to such a well-positioned market with strong underlying fundamentals and a clear lack of supply."

Mr. Wardrop went on to add "the fact that Sands Parc was stabilized at 95% occupancy in just under 9 months validated our rental demand assumptions. The property's location and proximity to Daytona's expanding employment, entertainment, hospitality and medical centers accelerated the demand and allowed our team to exceed the original projections." The sale of Sands Parc represents the seventh full cycle transaction by PRM.

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. PRM 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
snicponski@pantherrm.com | 781-935-4500 x233