PRESS
10/10/2024
WOBURN, MA, October 10, 2024 - Panther Residential Management (PRM) is pleased to announce the acquisition of The Residences at SweetBay for $79.2 million. The newly developed 360-unit Class “A" apartment community is situated on 14.47 acres in a vibrant 700-acre mixed-use coastal community in Panama City, Florida. The community is the largest urban infill project in Florida and the first, and currently only, multifamily offering in the newly developed master-planned community of SweetBay.
The community features one to three-bedroom apartment units, all with a comprehensive package of high-caliber interior finishes, resort-style amenities, which include a swimming pool, spa, fitness center, co-working spaces, and proximity to SweetBay's planned marina, Town Center and retail offerings. Residents will have access to walkable green spaces, the on-site University Academy K-8 charter school, and a mix of shopping and dining options slated for completion in Phase 1 of the Town Center by March 2025.
The SweetBay master plan also anticipates the development of over 3,000 homes adjacent to a proposed Publix-anchored retail center, extensive walking trails, and recreational facilities that will make it a central destination within Panama City. This acquisition represents PRM's 7th asset in Florida, positioning PRM to continue to capitalize on Florida's ongoing growth and consistent with PRM's strategy of opportunistically acquiring or developing viable assets at an attractive cost basis.
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 13,533 residential apartment units with a combined transaction value of approximately $3.8 billion.
For additional information, please contact:
Investor Relations
Panther Residential Management
ir@pantherrm.com
781.935.4500, Ext. 233
The community features one to three-bedroom apartment units, all with a comprehensive package of high-caliber interior finishes, resort-style amenities, which include a swimming pool, spa, fitness center, co-working spaces, and proximity to SweetBay's planned marina, Town Center and retail offerings. Residents will have access to walkable green spaces, the on-site University Academy K-8 charter school, and a mix of shopping and dining options slated for completion in Phase 1 of the Town Center by March 2025.
The SweetBay master plan also anticipates the development of over 3,000 homes adjacent to a proposed Publix-anchored retail center, extensive walking trails, and recreational facilities that will make it a central destination within Panama City. This acquisition represents PRM's 7th asset in Florida, positioning PRM to continue to capitalize on Florida's ongoing growth and consistent with PRM's strategy of opportunistically acquiring or developing viable assets at an attractive cost basis.
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 13,533 residential apartment units with a combined transaction value of approximately $3.8 billion.
For additional information, please contact:
Investor Relations
Panther Residential Management
ir@pantherrm.com
781.935.4500, Ext. 233
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