Posted By: Admin DreamingCode

Woburn, MA, December 10, 2019 – Panther Residential Management is pleased to announce the sale of Princeton Parc, a 200-unit apartment community in Melbourne, Florida for $35,000,000. The community sits on 19.70 acres and was originally built in 2003. Princeton Parc, which is a part of PRM Fund IV Investors LLC established in October of 2017, was acquired as a value-add property in May of 2018. The property's 23 residential buildings underwent extensive renovations which included a new clubhouse and expanded common area amenities. Renovated unit amenities included energy efficient appliances, LED lighting, and new smart home technologies.

Over the course of PRM's 19-month ownership, PRM Management was able to increase average effective rent over 18% and occupancy from 87% to over 96%, resulting in a 35% increase in net operating income.

PRM's Principal/Director Eric J. Wardrop commented that "we felt from the outset that prior management was not effectively leveraging the property's potential and excellent location within Florida's Space Coast and proximity to the large number of growing companies involved in the aerospace and defense industries. Our renovations were extremely well received by the community's residents and allowed the property to be viewed on a par with newer, more recently constructed properties in this market."

The per-unit sale price of $175,000 per unit allowed PRM to achieve the project's thirty-six-month projected return in just under 19 months and provided investors with a net annual internal rate of return of 24.21% and an equity multiple of 1.40 times their investment. Princeton Parc represents the 12th full cycle transaction by PRM representing an average net investor return of 26.67% with an average holding period of 42.7 months.

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 7,500 residential apartment units with a combined transaction value of over $1.65 billion.

For additional information, please contact:

Investor Relations
Panther Residential Management | 781-935-4500 x233