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Apr. 5, 2013

Panther Acquires Memphis Properties in $75M Portfolio Acquisition

By Eliza Theiss, Associate Editor

Panther Properties Investment LLC has announced purchasing a three-property multifamily portfolio for $75 million. The apartment assets, totaling over 740 units, are located in Southeastern U.S.

The purchase of the Class A portfolio  represent the Boston-based private-equity multifamily investments firm’s first foray into Alabama. The property in Alabama is the 276-unit former Springs at Huntsville, now Huntsville Parc at the Arsenal in Huntsville, Ala.

The two Tennessean assets are located in Cordova, in the Memphis metro area and include the 238-unit Villas at Grays Creek and the 226-unit Carrington at Houston Levee.

Carrington is a luxury gated community offering amenities such as resort-style pool with complimentary Wi-Fi, high-tech cardio and strength fitness center, entertainment room complete with billiards, Wi-Fi computer lounge, poolside gourmet grilling area, landscaped courtyards outfitted with benches and charcoal grills. The community features one-, two- and three-bedroom units with amenities such as chef’s kitchen, energy-efficient thermostats and walk-in closets. Parking is available onsite in one- and two-car individual garages.

Villas at Greys Creek also features one-, two- and three-bedroom units with one- and two-car garages, chef’s kitchen, built-in microwaves, private balcony or patio and energy-efficient thermostat. Community amenities include resort-style salt water pool complete with Wi-Fi sundeck and poolside gourmet grilling area, landscaped grounds outfitted with benches and charcoal grills, state-of-the-art cardio center, Wi-Fi computer lounge, media room, auto detailing bay and clothes care center. The gated community is also pet-friendly.

“This portfolio investment provides our firm with an outstanding opportunity to invest in targeted submarkets throughout the Southeast with strong economic drivers, sustainable job growth and favorable demographics,” declared of the acquisition Panther Properties CFO/Partner, David R. Masse in a press release.

Image courtesy of Carrington at Houston Levee’s Facebook page