Posted By: Admin DreamingCode

Woburn, MA, June 8, 2018 - PRM is pleased to announce the sale of Panther Creek Parc, a 348-unit Class "A" multifamily apartment community in Murfreesboro, TN on June 1st for $57,850,000. Panther Creek Parc is within the greater Nashville Metropolitan Statistical Area and is located approximately one-quarter mile from Interstate 24 and 30 miles southeast of Nashville. Situated close to numerous major employers such as Nissan, Amazon, State Farm, General Mills as well as both Middle Tennessee University and the Middle Tennessee Medical Center. Murfreesboro has experienced some of the fastest population and job growth in the country over the last 5 years and currently boasts an unemployment rate of 2.80%. 1.00% lower than the national average.

Panther Creek Parc was developed in two phases with the first 264 units completed in 2013 and an additional 84 units completed in 2016. Cost for the combined projects was approximately $37.5M or approximately $108,000 per unit. Panther Creek Parc was the first ground-up development under the Panther brand and at the time construction began in 2012, was the first new Class "A" multifamily apartment community built in Murfreesboro since the 2008-2010 recession.

PRM Principal/Director Eric Wardrop commented that in 2011 Panther recognized the Nashville MSA as an emerging leader for job growth in the Southeast. "Our research indicated that the region possessed the robust fundamental characteristics that we considered necessary to create a viable multifamily market. At the time however, there were very few opportunities to purchase stabilized properties that met our criteria and if we wanted to participate in this market, we would need to extend our business model to include ground-up multifamily development."

Mr. Wardrop added that "although this was Panther's first ground-up multifamily development in the Southeast, it was a natural extension of our opportunistic, value-based investment approach. We were pleased that both phases of the project were completed ahead of schedule and under budget. In addition, the per-unit sales price of $166,000 reflects the significant rental demand that has taken place since we began the development in 2012".

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 | 781-935-4500 x233