Posted By: Admin DreamingCode

WOBURN, MA, September 6, 2022 - PRM is pleased to announce the commencement of construction of Brio Parc, a new, ground-up 329-unit Class "A" apartment community situated on 21.46 acres in Huntsville, Alabama. Brio Parc represents PRM's third project in Huntsville. The new community will be less than one mile from the Huntsville International Airport and 13 miles from downtown Huntsville. Consistent with the best-in-market amenities that PRM incorporates into all developments, PRM believes Brio Parc will represent a premier apartment community.

Population growth in the Huntsville MSA has accelerated dramatically over the last several years, surpassing Birmingham in 2020 as the most populous city in Alabama. The city has witnessed a 20.40% increase in population growth from 2010 to 2021, outpacing the country's population growth of 7.40% between 2019 and 2021.

Huntsville has earned the nickname "Rocket City" as it has evolved into one of the most strategically important locations for the United States government and the Department of Defense. It is home to the Redstone Arsenal, a 38,248-acre defense-related campus. Recent economic forecasts project that the Redstone Arsenal will employ over 50,000 people by 2025, representing over 6,000 new jobs. In addition to the Department of Defense and numerous defense contractors, the sprawling campus hosts offices for the Department of Justice, NASA, and Google, and the FBI's current $2.4 billion expansion project which is scheduled to create 3,000 new jobs. According to the Huntsville-Madison Chamber of Commerce, the region now boasts the highest concentration of engineers in the country and the second-highest concentration of STEM workers.

Brio Parc will also be one of the closest housing options to the recently completed $2.3 billion Toyota and Mazda manufacturing plant and Amazon's 1 million square foot distribution center. These two developments represent the potential for a combined 5,000 new jobs.

PRM anticipates that the Brio Parc project will be completed in the fourth quarter of 2024.

About PRM

Panther Residential Management is a Boston-based private equity real estate firm engaged in acquiring, developing, and managing multifamily communities throughout the Southeastern United States and other select markets. Since its inception in 2009, PRM has acquired or developed over 11,630 residential apartment units with a combined transaction value of approximately $3.27 billion.

For additional information, please contact:

Investor RelationsPanther Residential Management
781.935.4500, Ext. 233