WOBURN MA, January 10, 2022 - PRM is pleased to announce the sale of Grande Oaks Parc in Charleston, South Carolina, and Integra Crossings, in Lake Mary, Florida on December 20, 2021. Both apartment communities were part of PRM Fund IV Investors LLC.
Grand Oaks Parc is a recently completed 348-unit Class “A" multifamily community located on Daniel Island, South Carolina. Situated on the Norwell Creek and 15 miles from downtown Charleston, 9 miles from the Charleston International Airport, and less than a half-mile from Interstate 526, Daniel Island is one of the most dynamic submarkets in the Charleston MSA.
The Charleston Metro has experienced unprecedented business growth and economic diversification, growing significantly faster than the US average for the last decade. Leading employers such as Boeing, Mercedes Benz, Volvo, and Blackbaud have invested billions into the local economy fueling the demand for highly skilled workers, resulting in net in-migration of 10,000 people annually to the MSA.
Integra Crossings is also a recently completed 20-acre 348-unit Class "A" multifamily community located in Lake Mary, Seminole County, Florida. The property is located directly off Orlando's busiest interstate, I-4, 20 miles north of downtown Orlando and approximately 45 minutes from Orlando International Airport.
The Orlando MSA has represented one of the fastest growing markets in the Unites States since the economic recovery began in 2011, welcoming approximately 10,000 new residents annually during this time. From 2018 to 2019, the four-county region that makes up the Orlando Metropolitan Statistical Area (MSA) – Lake, Orange, Osceola, and Seminole County – grew at four times the rate of growth of the United States, and the second fastest growth rate of the 30 largest cities in America.
Panther Director and Principal, Eric Wardrop, commented that "we have been active in the Orlando MSA for over a decade and although Grande Oaks Parc was our first development in the Charleston, MSA, we anticipate several additional developments in that market over time. Both markets reflect the sustainable economic, employment, and in-migration growth that PRM looks for when developing new apartment communities."
PRM Fund IV
Launched in October 2017, the disposition of these properties represents the fourth and fifth asset sale from the fund. PRM Fund IV continues to own and manage one additional property in Kissimmee, Florida.
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. Since inception in 2009, PRM has acquired or developed over 10,650 residential apartment units with a combined transaction value of approximately $2.76 billion.
For additional information, please contact:
Panther Residential Management
781.935.4500, Ext. 233