LAKELAND, FL - Panther Properties Investment LLC, specializing in the acquisition, development and operations of class A multifamily properties, is pleased to announce its newest acquisition, Victoria Manor Apartments, in Lakeland, Florida. The property was constructed in 2006 and consists of 352 units of class A multifamily units situated on 23.31 acres and was purchased for approximately $36,500,000 from the original developer. Cushman & Wakefield's Orlando Apartment Brokerage Services team represented the seller. Panther Properties secured a 10 year Freddie Mac CME loan through Walker & Dunlop Real Estate Financial Services.
"We are excited to expand our Southeastern United States portfolio with this latest acquisition," said David R. Masse, co-founder of Panther Properties. "We are confident this will be a successful acquisition due to the stringent evaluation standards, strong operating fundamentals and best class multifamily property in this submarket. This acquisition aligns with our overall strategy of acquiring investment grade class A core multifamily assets constructed within the last 5 to 7 years located in the Southeastern United States."
Victoria Manor Apartments is located in Lakeland, Florida, between Tampa and Orlando less than one mile south of central Florida's primary transportation hub, Interstate 4. Victoria Manor is the best quality Class A apartment in its submarket. The newly acquired property features 1, 2 and 3 bedroom luxury apartments in a gated community with numerous unparalleled amenities such as a state-of-the-art fitness center, an indoor basketball court, an air conditioned racquetball court, car wash, two off-leash pet walks, pet wash, Tiki bar, resort style pool, spa, and private cabanas. Panther plans to make numerous upgrades to the property including several interior apartment upgrades as well as exterior improvements including landscaping.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 200 units in size throughout the Southeastern United States.
Panther Properties Investment, LLC is a private real estate firm that is developing a portfolio of multifamily properties in the Southeastern United States. Panther has acquired approximately 1,000 apartment units in Florida over the last 10 months. David R. Masse is the co-founder of Panther Properties and the co-founder of Compass Realty Associates, LLC a related company. Compass Realty is a private equity real estate firm that specializes in ground up retail development, value add acquisitions, and property management. Currently Compass Realty oversees a commercial portfolio with approximately 2.5 million Square Feet throughout New England. Both Panther Properties and Compass Realty remain committed to their guiding principle: a disciplined approach to steady real estate growth with an understanding and respect for constantly changing markets.
Source: Panther Properties