By Keith Loria, Contributing Writer
Murfreesboro, Tenn.—Panther Properties Investment LLC, a private equity Class-A multifamily investor, has teamed with Integra Land Company to begin construction on the 264-unit Integra Creek Apartments on 18.5 acres in Murfreesboro, Tenn.
Hoping to grow its multifamily portfolio, Panther Properties discovered that there was positive rent growth and occupancy growth in Tennessee and began looking for opportunities to add to its 1,300+ multifamily portfolio.
“We didn’t know too much about Nashville and started doing some research about 18 months ago and learned the market is pretty aggressive,” Eric Wardrop, Panther Properties’ VP of acquisitions, tells MHN. “We didn’t find too many opportunities on the acquisitions side, but a developer out of Orlando approached us about this site and what sold us was the location.”
The $27.5 million Integra Creek project is located on the Manson Pike, adjacent to Interstate 24, in what is considered the fastest-growing city in Tennessee.
“Murfreesboro is part of a recent economic boom that has been fueled in part by relocating Fortune 500 companies,” says David R. Masse, principal of Panther Properties. “The market has an excellent economic base with strong job growth and a low vacancy rate.”
Amazon.com is building an $87.5 million, one-million-square-foot facility just eight miles away, and the electric vehicle The Nissan Leaf will be built at Nissan’s Smyrna plant—just 10 miles away—beginning in July. Combined, the two projects will employ more than 2,400 in the area.
“These were big factors in our decision and sold us on the location,” Wardrop says. “We were primarily an acquisitions company, but the pricing we had on the land when we put this on contract over a year ago made a lot of sense and had a lot of appeal to us.”
Integra Creek Apartments will include 264 Class-A units in nine, three-story buildings consisting of one-, two-, and three bedroom floor plans, with several carriage units. The units will be offered in configurations ranging from 680 to 1,278 square feet.
“Our units will feature gourmet kitchens with 42-inch cabinets and full appliance packages,” Wardrop says. “Each will be equipped with washers and dryers, track lighting, nine-foot ceilings, ceiling fans, wood floors and every unit will have some sort of outdoor living space—a patio or screened-in balcony.”
Amenities include a 5,000 square-foot clubhouse, a pool, outdoor grilling area, sports court, a tanning bed facility and a business center.
The first units are expected to be available for lease in the first quarter of 2013 with the entire project scheduled to be completed by the third quarter of 2013.