PRESS
08/12/2010
August 12, 2010 – Boston, Massachusetts and Pensacola, Florida – Panther Properties Management LLC, specializing in the acquisition, development and operations of class "A" multifamily properties, is pleased to announce its newest acquisition, Avalon Apartments, in Pensacola, Florida. The property consists of 276 units situated on 15.9 acres and was purchased for an undisclosed amount from Bank of America. Southeast Apartment Partners Multifamily Investment Sales team represented Bank of America. Panther Properties secured a Bridge Loan through Wells Fargo for the acquisition and are currently working with Wells Fargo Multifamily Capital to secure a 10 year CME Freddie Mac permanent loan.
"We are excited to enter the Pensacola market with this acquisition and are looking forward to adding to our portfolio throughout the Southeast," said David R. Masse, co-founder of Panther Properties. "We are confident this will be a successful acquisition due to our stringent evaluation standards and strong operating fundamentals. This acquisition aligns with our overall strategy of acquiring investment grade class "A" core multifamily and condominium assets constructed within the last 5 to 7 years located in the Southeastern United States."
Avalon was developed in 2008 by Charter Development Company out of Auburn, Alabama. It is conveniently located off I-10 and provides easy access to all the local attractions including the Pensacola Airport, Downtown Pensacola and shore points. The newly acquired property features 1, 2 and 3 bedroom luxury apartments in a gated community with numerous amenities such as a fitness room, detached garages, resort style pool, media center, outdoor basketball court and putting green. Panther plans to make numerous upgrades to the property including the pool area, common areas and signage. In addition to these upgrades, Panther will also be making improvements to the exterior buildings and landscaping.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 150 units in size throughout the Southeast United States.
"We are excited to enter the Pensacola market with this acquisition and are looking forward to adding to our portfolio throughout the Southeast," said David R. Masse, co-founder of Panther Properties. "We are confident this will be a successful acquisition due to our stringent evaluation standards and strong operating fundamentals. This acquisition aligns with our overall strategy of acquiring investment grade class "A" core multifamily and condominium assets constructed within the last 5 to 7 years located in the Southeastern United States."
Avalon was developed in 2008 by Charter Development Company out of Auburn, Alabama. It is conveniently located off I-10 and provides easy access to all the local attractions including the Pensacola Airport, Downtown Pensacola and shore points. The newly acquired property features 1, 2 and 3 bedroom luxury apartments in a gated community with numerous amenities such as a fitness room, detached garages, resort style pool, media center, outdoor basketball court and putting green. Panther plans to make numerous upgrades to the property including the pool area, common areas and signage. In addition to these upgrades, Panther will also be making improvements to the exterior buildings and landscaping.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 150 units in size throughout the Southeast United States.
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