Posted By: Admin DreamingCode

WOBURN, MA, August 9, 2019 - PRM is pleased to announce that construction of Grande Oaks Parc, a new 348-unit Class “A" multifamily community located on Daniel Island, SC, has commenced. Situated on the Norwell Creek and 15 miles from downtown Charleston, 9 miles from the Charleston International Airport, and less than a half-mile from Interstate 526, Daniel Island is one of the most dynamic submarkets in the Charleston MSA. The 21-acre site consists of several interconnected peninsulas and islands with ocean access and a 30-foot wetland preserve buffering the entire project.

Over the last several years Charleston, SC has experienced some of the most significant economic and population growth in the country. As such, it has been the recipient of numerous accolades. In 2016, Charleston was rated the fourth-best performing metro for high tech GDP growth. In July 2019, readers of Travel + Leisure magazine voted Charleston the “No. 1 City in the United States" for the seventh consecutive year. The Charleston Metro has experienced unprecedented business growth and economic diversification, growing three times faster than the US average between 2010 – 2018. Leading employers such as Boeing, Mercedes Benz, Volvo, and Blackbaud have invested billions into the local economy fueling the demand for highly-skilled workers, resulting in net in-migration of 10,000 people annually to the MSA.

Charleston officials have indicated that over the next five years, the region will need to develop approximately 7,500 new residential units annually to meet the current housing demand. The market's lack of buildable land, increasing construction cost, and local barriers to entry have limited the new residential supply, as the demand continues to grow. Daniel Island is also one of the most affluent communities in the Charleston MSA with median home values of over $648,000 and average annual household incomes north of $125,000.

Grand Oaks Parc will represent the best apartment community available on Daniel Island with the most extensive amenity package in the submarket. In addition to the 12,000 square foot two-story clubhouse, the property will include boardwalks with direct water access, an oversized zero-gravity saltwater pool, a professional-quality fitness center, walking trails, dog parks, and over 700 covered podium parking spaces on the ground level of each building.

About PRM.

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 7,500 residential apartment units with a combined transaction value of over $1.6 billion.

For additional information, please contact:

Deborah Wyrick, Investor Relations
Panther Residential Management
781.935.4500, Ext. 233