Posted By: Admin DreamingCode

WOBURN, MA, June 11, 2018 - PRM is pleased to announce the sale of Integra Junction, a 322-unit Class "A" multifamily apartment community in the Tampa, Florida MSA on June 11th for $57,660,000. Integra Junction is located at 15175 Integra Junction, Odessa, Florida just off State Road 54 and between the Suncoast and Gunn Highways. The property was part of Panther's SE III Investors LLC Fund.

Development of the community began in December of 2015 and was completed in April of 2017 at the cost of $42,560,000 or approximately $132,200 per unit. This property included 312 apartments in six four-story elevator-serviced buildings with 33 attached garages, five carriage style building that featured 10 units and 20 attached garages as well as an additional 51 garage units. PRM's standard high-end amenity package which includes a 10,000 sq. ft. clubhouse, fitness and business centers, and a large-scale community pool complete with outdoor kitchen.

PRM's Principal/Director Eric J. Wardrop commented that "it was clear in 2015 that the Tampa MSA was experiencing meaningful job and population growth powered by employers such as IBM, AT&T, Global Networks Solutions, PwC, and JP Morgan Chase, all within 15 miles of our property. Of additional importance was the location's excellent access to a highly rated school system, medical center and the proximity to the Port of Tampa, Florida's largest deep-water port. The Port of Tampa generates an estimated $15B in economic impact to the Tampa MSA annually. Additionally, with the approval of a 53-acre, $3B waterfront project in 2015, we felt confident that the Tampa MSA would be in need of additional rental units."

Formed in October of 2015, Panther SE III LLC was created to develop Class "A" apartment communities in Daytona, Florida and Tampa, Florida. Equity raised for the fund was $19,625,000 with total capital returned to investors exceeding $38,900,000 to date.

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