PRESS
11/11/2020
WOBURN, MA, November 11, 2020 – PRM is pleased to announce that construction of Integra Peaks at Damonte Ranch, a new 12-acre 300-unit Class "A" multifamily community located in Reno, Washoe County, Nevada has begun. Integra Peaks at Damonte Ranch will be located directly off Reno's busiest interstate, I-580, 11 miles south of downtown Reno and approximately 8 minutes from Reno-Tahoe International Airport.
Due to its business-friendly environment, expanding employment opportunities and population growth, Reno, "The Biggest Little City in the World," is one of the nation's most desirable areas to live and work – attracting corporate expansions from leading companies such as Tesla, Google, Panasonic, and Apple. Reno's workforce has increased by nearly 35% over the past several years. On the heels of record-levels of growth, rental rates have increased an average of 8% year-over-year since 2016 as demand for housing has outpaced supply growth.
Principal/Director Eric J. Wardrop commented that "Integra Peaks represents PRM's first development project in the Western United States. Migration and employment trends make Reno and other submarkets in the western states extremely attractive for multifamily development. Our objective over the next several years is to extend the same business model that we have successfully employed in the Southeast over the last 12 years, to new markets that are benefiting from the out-migration of businesses and workers from California.
PRM believes that Integra Peaks will represent the premier Class "A" apartment community in this submarket. Consistent with the "best-in-market" amenities, Integra Peaks' units will be built to the highest industry standards and include top-of-the-line finishes such as vinyl plank flooring, vaulted ceilings on fourth floor units, island kitchens, top-of-the-line energy efficient appliances, tiled shower and baths, state of the art LED lighting and impressive mountain views.
Common area space for residents will include an expansive standalone clubhouse featuring a state-of-the-art fitness facility with yoga and spin rooms, cybercafé, resort-style pool, and cabanas, outdoor firepits, playground, bocce ball court(s) and dog park complete with a dog washing station. Outside of the clubhouse, residents will enjoy a zero-entry resort-style pool complete with cabanas, grilling stations, gas firepits, playground, dog park and outdoor seating and game area – all overlooking the surrounding scenic mountain ranges.
PRM anticipates that the $76M Integra Peaks project will be completed in the third quarter of 2022.
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 and other select markets. PRM is a full-service firm that has acquired or developed over 9,600 residential apartment units with a combined transaction value of over $2.2 billion.
For additional information, please contact:
Investor Relations
Panther Residential Management
ir@pantherrm.com
781.935.4500, Ext. 233
Due to its business-friendly environment, expanding employment opportunities and population growth, Reno, "The Biggest Little City in the World," is one of the nation's most desirable areas to live and work – attracting corporate expansions from leading companies such as Tesla, Google, Panasonic, and Apple. Reno's workforce has increased by nearly 35% over the past several years. On the heels of record-levels of growth, rental rates have increased an average of 8% year-over-year since 2016 as demand for housing has outpaced supply growth.
Principal/Director Eric J. Wardrop commented that "Integra Peaks represents PRM's first development project in the Western United States. Migration and employment trends make Reno and other submarkets in the western states extremely attractive for multifamily development. Our objective over the next several years is to extend the same business model that we have successfully employed in the Southeast over the last 12 years, to new markets that are benefiting from the out-migration of businesses and workers from California.
PRM believes that Integra Peaks will represent the premier Class "A" apartment community in this submarket. Consistent with the "best-in-market" amenities, Integra Peaks' units will be built to the highest industry standards and include top-of-the-line finishes such as vinyl plank flooring, vaulted ceilings on fourth floor units, island kitchens, top-of-the-line energy efficient appliances, tiled shower and baths, state of the art LED lighting and impressive mountain views.
Common area space for residents will include an expansive standalone clubhouse featuring a state-of-the-art fitness facility with yoga and spin rooms, cybercafé, resort-style pool, and cabanas, outdoor firepits, playground, bocce ball court(s) and dog park complete with a dog washing station. Outside of the clubhouse, residents will enjoy a zero-entry resort-style pool complete with cabanas, grilling stations, gas firepits, playground, dog park and outdoor seating and game area – all overlooking the surrounding scenic mountain ranges.
PRM anticipates that the $76M Integra Peaks project will be completed in the third quarter of 2022.
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 and other select markets. PRM is a full-service firm that has acquired or developed over 9,600 residential apartment units with a combined transaction value of over $2.2 billion.
For additional information, please contact:
Investor Relations
Panther Residential Management
ir@pantherrm.com
781.935.4500, Ext. 233
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