PRESS
05/22/2018
Woburn, MA, May 22, 2018 - Panther Residential Management announces the acquisition of Princeton Parc in Melbourne, Florida. PRM purchased the 200-unit apartment community for $26.5M. The property sits on 19.7 acres at 4714 Crosswind Court in Melbourne, Florida. Originally built in 2003, Princeton Parc is located within Florida's Space Coast and in proximity to many companies involved in the aerospace and defense industries. Major employers in that region include NASA, Boeing, Lockheed Martin, Harris Corporation, and Space X. The strong employment characteristics within this market has resulted in significant job growth and an unemployment rate currently below the national average. The community is also near major educational, healthcare and shopping and entertainment options.
As part of this acquisition, PRM is committing an additional $3M in capital for the interior and exterior renovation of the 23 residential buildings and 1 clubhouse building that comprise the property. New community and unit amenities such as energy efficient appliances, LED lighting package, new smart home technologies, and common area amenity upgrades will be included in the renovation. The exterior renovations will include painting, upgraded landscaping, irrigation and new signage package.
PRM views Princeton Parc as an excellent addition to its portfolio. The capital improvement program should greatly enhance the quality of life for the community as well as create additional value for our investors. With Princeton Parc being approximately 15 years old, our improvements are necessary to maintain its position as a competitive multifamily option in this market. The demographics within the Palm Bay-Melbourne-Titusville Metropolitan Statistical Area have changed over the last 10 years and currently reflect a much younger demographic than it has historically. The current generation of renters in this market is looking for more upscale communities with modern amenities that better reflect their lifestyles. PRM is confident that over the course of our 18-24-month renovation plan, we can reposition Princeton Parc into an apartment community that is attractive to this new generation of renters.
Princeton Parc is part of PRM's Fund IV portfolio and represents one of the assets that will be within the fund.
About the Panther Group
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. PRM is a full-service firm that has acquired or developed over 6,000 residential apartment units with a combined transaction value of over $1 billion.
For additional information, please contact:
Sara Nicponski | Investor Relations
Panther Residential Management
snicponski@pantherrm.com | 781-935-4500 x233
As part of this acquisition, PRM is committing an additional $3M in capital for the interior and exterior renovation of the 23 residential buildings and 1 clubhouse building that comprise the property. New community and unit amenities such as energy efficient appliances, LED lighting package, new smart home technologies, and common area amenity upgrades will be included in the renovation. The exterior renovations will include painting, upgraded landscaping, irrigation and new signage package.
PRM views Princeton Parc as an excellent addition to its portfolio. The capital improvement program should greatly enhance the quality of life for the community as well as create additional value for our investors. With Princeton Parc being approximately 15 years old, our improvements are necessary to maintain its position as a competitive multifamily option in this market. The demographics within the Palm Bay-Melbourne-Titusville Metropolitan Statistical Area have changed over the last 10 years and currently reflect a much younger demographic than it has historically. The current generation of renters in this market is looking for more upscale communities with modern amenities that better reflect their lifestyles. PRM is confident that over the course of our 18-24-month renovation plan, we can reposition Princeton Parc into an apartment community that is attractive to this new generation of renters.
Princeton Parc is part of PRM's Fund IV portfolio and represents one of the assets that will be within the fund.
About the Panther Group
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. PRM is a full-service firm that has acquired or developed over 6,000 residential apartment units with a combined transaction value of over $1 billion.
For additional information, please contact:
Sara Nicponski | Investor Relations
Panther Residential Management
snicponski@pantherrm.com | 781-935-4500 x233
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