PRESS
09/17/2019
WOBURN, MA, September 17, 2019 – PRM is pleased to announce the sale of Fern Parc, a 343-unit apartment community in Huntsville, Alabama, for $27.45M.Fern Parc was initially built in 1974 and was acquired as a value-add property in the fall of 2013. The property underwent an extensive 18-month renovation, which included the full renovation of all units and the exterior of all buildings, including the construction of a new clubhouse. Fern Parc is located directly off U.S. Highway 231 in the South Huntsville sub-market and minutes from the market's leading employers and economic drivers such as the Redstone Arsenal and Downtown Huntsville.
As a result of our efforts, occupancy increased from 57.1% for the fourth quarter of 2015 to over 95.5% at the time of the sale. Over this same period, quarterly Net Operating Income increased from $135,313 to $399,065 for the quarter before the sale.
Huntsville, AL continues to draw national interest and is experiencing significant capital investments into both public and private projects. Given the strong employment growth and favorable business environment, the fundamentals at our sister property, Huntsville Parc, continue to improve and validate our presence in the market.
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
dwyrick@pantherrm.com
781.935.4500, Ext. 233
As a result of our efforts, occupancy increased from 57.1% for the fourth quarter of 2015 to over 95.5% at the time of the sale. Over this same period, quarterly Net Operating Income increased from $135,313 to $399,065 for the quarter before the sale.
Huntsville, AL continues to draw national interest and is experiencing significant capital investments into both public and private projects. Given the strong employment growth and favorable business environment, the fundamentals at our sister property, Huntsville Parc, continue to improve and validate our presence in the market.
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
dwyrick@pantherrm.com
781.935.4500, Ext. 233
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