PRESS
06/28/2018
WOBURN, MA, June 28, 2018 - PRM is pleased to announce that construction has begun on Gatlin Commons, a new ground-up Class "A" apartment community on approximately 14.37 acres in St. Lucie County, Florida. The property is located in southeast Florida's four-county region known as the Treasure Coast and has excellent accessibility to Interstate 95 (1.5 miles west) and the Florida Turnpike (3.5 miles east).
The development will consist of six 33-unit three story buildings with elevators, garage parking for 50 vehicles and a 7,500 SF clubhouse. The community will also have PRM's full amenity package which includes a resort style swimming pool, outdoor kitchen, a fitness center with studios, and a business center.
With proximity to major employment centers such as Jupiter, North and West Palm Beach, highly regarded medical centers, educational institutions and shopping and entertainment venues, the Port St. Lucie market has been experiencing 3.5 percent annual job growth since the first quarter of 2015 as well as strong effective rent growth.
Panther Principal/Director Eric Wardrop noted that "the significant job creation in the area has resulting in a younger demographic moving into the Port. St Lucie MSA driving average local occupancies to the 95-97 percent range.The Atlantic at Traditions apartment community which was built in in 2014, was the only class "A" community built in the sub-market over the last five years and we think the market is well positioned for continued rental demand and increased rental rates over the next several years".
Construction on the project is expected to take approximately 15 months with completion scheduled for September 2019. PRM anticipates that the Gatlin Common property will be stabilized in the first quarter of 2020.
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
The development will consist of six 33-unit three story buildings with elevators, garage parking for 50 vehicles and a 7,500 SF clubhouse. The community will also have PRM's full amenity package which includes a resort style swimming pool, outdoor kitchen, a fitness center with studios, and a business center.
With proximity to major employment centers such as Jupiter, North and West Palm Beach, highly regarded medical centers, educational institutions and shopping and entertainment venues, the Port St. Lucie market has been experiencing 3.5 percent annual job growth since the first quarter of 2015 as well as strong effective rent growth.
Panther Principal/Director Eric Wardrop noted that "the significant job creation in the area has resulting in a younger demographic moving into the Port. St Lucie MSA driving average local occupancies to the 95-97 percent range.The Atlantic at Traditions apartment community which was built in in 2014, was the only class "A" community built in the sub-market over the last five years and we think the market is well positioned for continued rental demand and increased rental rates over the next several years".
Construction on the project is expected to take approximately 15 months with completion scheduled for September 2019. PRM anticipates that the Gatlin Common property will be stabilized in the first quarter of 2020.
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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