February 19, 2010 – Boston, Massachusetts and Orlando, Florida – Panther Properties Investment LLC, specializing in the acquisition, development and operations of class "A" multifamily properties, is pleased to announce its newest acquisition, Venue Apartments, in Orlando, Florida. The property consists of 306 units situated on 27.83 acres and was purchased for approximately $26,500,000 from the FDIC as part of their take over of IndyMac Bank. Cushman & Wakefield's Orlando Apartment Brokerage Services team represented the FDIC. Panther Properties secured a 10 year Freddie Mac CME loan through Deutsche Bank Berkshire Mortgage.
"We are excited to enter the Orlando market with this acquisition and are looking forward to adding to our portfolio throughout the Southeast," said David R. Masse, co-founder of Panther Properties. "We are confident this will be a successful acquisition due to our stringent evaluation standards and strong operating fundamentals. This acquisition aligns with our overall strategy of acquiring investment grade class "A" core multifamily and condominium assets constructed within the last 5 to 7 years located in the Southeastern United States."
Venue was developed in 2005 by Wood Partners, and sold for approximately $48 million in May 2006. It is conveniently located off Central Florida Parkway in the Hunters Creek sub-market of Orlando. The property is approximately 1.2 miles away from SeaWorld. The newly acquired property features 1, 2 and 3 bedroom luxury apartments in a gated community with numerous amenities such as a fitness room, detached garages, resort style pool, media center, and indoor basketball court. Panther plans to make numerous upgrades to the property including the renovation the clubhouse, fitness center, pool area, business center and indoor basketball court. In addition to these upgrades, Panther will also be making improvements to the exterior buildings and landscaping.
Panther Properties continues to concentrate on acquiring newly constructed luxury multifamily or condominium projects over 150 units in size throughout the Southeast United States. For more information about Panther Properties' acquisition criteria, please contact Eric J. Wardrop at 718.909.9600 or ewardrop@pantherpi.com.
ABOUT PANTHER PROPERTIES
Panther Properties Investment, LLC is a private real estate firm that is developing a portfolio of multifamily properties in the Southeastern United States. 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.