PRESS
Panther Residential Management Announces the $67M Sale of Integra Sunrise Parc in Kissimmee, Florida
03/06/2020
Woburn, MA, March 6, 2020 – Panther Residential Management is pleased to announce the sale of Integra Sunrise Parc, a newly constructed 300-unit "Class A" apartment community in Kissimmee, Florida for $67,000,000. PRM began the development of Integra Sunrise in November of 2017, which represented the first asset within PRM Fund IV Investors LLC, established in October of 2017. The community sits on 17 acres at 4701 Luminous Loop in Kissimmee, Florida. It is located 3 miles from Disney Springs and within 20 miles of several of Orlando's emerging employment centers, such as Lake Nona Medical City and NeoCity, one of the country's largest advanced manufacturing and technology parks currently under construction in Kissimmee, Florida.
The 300-unit community was completed in the first quarter of 2020 and at the time of sale, the property was over 90.00% leased. The unit's impressive finishes such as granite countertops, energy-efficient stainless steel appliances, 42" custom designer cabinetry, wood-plank vinyl flooring, private patios and balconies, full-size washers & dryers and 9-foot ceilings along with the community's premier amenities contributed to the rapid lease-up of the project.
Panther Director and Principal Eric J. Wardrop commented that "Integra Sunrise Parc was PRM's 5th project and 4th ground-up development in the Orlando MSA, one of the most dynamic and growing sub-markets in the country. Given the current circumstances, we are pleased to successfully execute on this transaction and generate a strong return for PRM Fund IV investors. Unfortunately, it comes at a time when many in the Orlando market are confronting considerable personal and financial challenges as a result of the COVID-19 pandemic. Before and during the sale, we made all efforts possible to limit the impact on our employees and residents."
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
ir@pantherrm.com
781.935.4500, Ext. 233
The 300-unit community was completed in the first quarter of 2020 and at the time of sale, the property was over 90.00% leased. The unit's impressive finishes such as granite countertops, energy-efficient stainless steel appliances, 42" custom designer cabinetry, wood-plank vinyl flooring, private patios and balconies, full-size washers & dryers and 9-foot ceilings along with the community's premier amenities contributed to the rapid lease-up of the project.
Panther Director and Principal Eric J. Wardrop commented that "Integra Sunrise Parc was PRM's 5th project and 4th ground-up development in the Orlando MSA, one of the most dynamic and growing sub-markets in the country. Given the current circumstances, we are pleased to successfully execute on this transaction and generate a strong return for PRM Fund IV investors. Unfortunately, it comes at a time when many in the Orlando market are confronting considerable personal and financial challenges as a result of the COVID-19 pandemic. Before and during the sale, we made all efforts possible to limit the impact on our employees and residents."
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
ir@pantherrm.com
781.935.4500, Ext. 233
Posts by Category
We Suggest
Monthly Archive