MURFREESBORO, TN - Panther Properties Investment, LLC, a private equity Class A multifamily investor and developer, announced today along with development partner Integra Land Company that construction has commenced on Integra Creek Apartments, a Class A apartment community.
Integra Creek, a $27.5 million project located on 18.5 acres in Murfreesboro, TN on the Manson Pike and adjacent to Interstate 24, will include 264 units in nine, 3 story buildings consisting of one, two, and three bedroom floor plans, and several carriage units. The community will include amenities such as a swimming pool, a fitness center, a billiards room, a business center and a leasing office. The first units will be available for lease in the 1st Quarter of 2013 with the entire project to be completed by the 3rd Quarter of 2013.
Integra Creek's layout will be based on proven award-winning designs utilized at other communities. Apartments will be offered in configurations ranging from 680 SF to 1,278 SF. The units will feature exceptional finishes and amenities that will meet or exceed those of the best luxury rental communities in the market. Units will feature gourmet kitchens with 42 inch cabinets and full appliance packages. Units will be equipped with washer/dryers, track lighting, 9 foot ceilings, private patios, ceiling fans, pantry, and linen closets and high speed internet access.
"Murfreesboro is part of a recent economic boom that has been fueled in part by relocating Fortune 500 companies. The market has an excellent economic base with strong job growth and a low vacancy rate," said David R. Masse, Principal of Panther Properties.
Murfreesboro is the fastest growing city in Tennessee. In October 2011, Amazon.com announced plans to build an $87.5 million, 1 million sq. ft. sort facility 8 miles from Integra Creek, which will create approximately 1,150 jobs. The Nissan Leaf, recently awarded Electric Vehicle of the Year, will be built at the Smyrna plant (less than 10 miles north of Integra Creek) in July 2012. Upon completion of the new $1.4 billion lithium-ion battery plant, Nissan will produce 150,000 vehicles per year, manufacture 200,000 battery packs per year, and employ 1,300 people.
Panther Properties is a real estate company that acquires, develops, and manages Class A apartment communities in the Southeast US. After completing Integra Creek, Panther will own 1,500 apartment units. Panther Properties is aggressively looking to grow their multifamily portfolio.