PRESS
02/04/2025
WOBURN, MA, February 4, 2025 - Panther Residential Management (PRM) is pleased to announce the commencement of construction of The Groves at Kelly Park, a new ground-up 300-unit Class "A" apartment community situated on 15.15 acres of land within the newly developing “Crossroads at Kelly Park" development, a 200-acre mixed-use master planned community in Apopka, Florida. Kelly Park is approximately 16 miles northwest of downtown Orlando. This development represents PRM's 19th ground-up development and will be consistent with the best-in-market amenities that PRM incorporates into all its developments.
Apopka ranks as the 5th fastest growing submarket within the Orlando MSA. Over the last several years, Apopka has become the focus of considerable population growth and development as a result of the recently completed $1.6 billion Wekiva Parkway expansion that connects Apopka to the many population and employment hubs of Greater Orlando, such as Disney, the Universal Orlando Resort, Lockheed Martin, as well as AdventHealth, the largest healthcare employer in Orlando. Collectively, these businesses alone represent over 140,000 jobs.
In addition to the Crossroads at Kelly Park, The Kelly Park Interchange District has attracted several of the country's largest homebuilders such as DR Horton, Toll Brothers, Pulte Group and KB Homes. Prominent among these developments is Wyld Oaks, a 257-acre residential, commercial, and industrial project anticipated to represent 5,000 new jobs over the next few years.
Apopka's median household income is estimated at $95,703, approximately 38.16% higher than the overall Orlando MSA. Since 2010 the city averaged 2.89% annual population growth, resulting in over a 48% increase in residents. An additional 10% population growth is anticipated for the city over the next 5 years. Rental demand is expected to remain robust given the substantial increase in home prices that have increased from $274,500 in April of 2021 to $418,000 in October of 2024.
PRM anticipates that The Groves at Kelly Park will be completed in the first quarter of 2027.
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
Apopka ranks as the 5th fastest growing submarket within the Orlando MSA. Over the last several years, Apopka has become the focus of considerable population growth and development as a result of the recently completed $1.6 billion Wekiva Parkway expansion that connects Apopka to the many population and employment hubs of Greater Orlando, such as Disney, the Universal Orlando Resort, Lockheed Martin, as well as AdventHealth, the largest healthcare employer in Orlando. Collectively, these businesses alone represent over 140,000 jobs.
In addition to the Crossroads at Kelly Park, The Kelly Park Interchange District has attracted several of the country's largest homebuilders such as DR Horton, Toll Brothers, Pulte Group and KB Homes. Prominent among these developments is Wyld Oaks, a 257-acre residential, commercial, and industrial project anticipated to represent 5,000 new jobs over the next few years.
Apopka's median household income is estimated at $95,703, approximately 38.16% higher than the overall Orlando MSA. Since 2010 the city averaged 2.89% annual population growth, resulting in over a 48% increase in residents. An additional 10% population growth is anticipated for the city over the next 5 years. Rental demand is expected to remain robust given the substantial increase in home prices that have increased from $274,500 in April of 2021 to $418,000 in October of 2024.
PRM anticipates that The Groves at Kelly Park will be completed in the first quarter of 2027.
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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