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PRESS


10/05/2021
 
Posted By: Admin DreamingCode

WOBURN, MA, September 20, 2021 - PRM is pleased to announce the sale of The Parc at Gatlin Commons, a 200-unit Class "A" multifamily apartment community, for $46M. The Parc at Gatlin Commons is a ground-up development on 14.4 acres located at 1900 SW Aledo Lane in Port St. Lucie, Florida. The property is approximately 1.5 miles from Interstate I-95 and about 3.5 miles east of the Florida Turnpike. The Parc at Gatlin Commons is part of PRM Fund IV Investors LLC, established in 2017.

Construction of the property began in September of 2018 and was completed in August of 2020 at a cost of approximately $ $34,960,622 or $ $174,803 per unit. The development includes a 5,935 square foot clubhouse, which hosts a best-in-class fitness center and a resort-style swimming pool with outdoor kitchens.

Located in Southeastern Florida, Port St. Lucie is part of a four-county region referred to as the Treasure Coast. The property is central to a large number of employers, entertainment, and cultural establishments.

Port St. Lucie's strong population and employment growth and lack of new apartment construction made the city an ideal market for PRM to expand its Southeastern footprint. The project's proximity to the Tradition Medical Center and the 35 million square feet of employment centers within 30 miles allowed PRM to stabilize the property well ahead of schedule and generate in-place rents nearly 11.00% higher than original projections.

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. Since inception in 2009 PRM has acquired or developed over 10,283 residential apartment units with a combined transaction value of approximately $2.33 billion.

For additional information, please contact:

Investor Relations
Panther Residential Management
ir@pantherrm.com

781.935.4500, Ext. 233