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Apartment complex sold for $30M

POSTED: August 2, 2012 8:47 p.m.

Panther Properties Investment has purchased the complex formerly known as the Springs of Effingham.

Panther Properties Investment, LLC, a private equity Class A multifamily investor and developer, paid $30.8 million for the 352-unit apartment community, now known as Effingham Parc Apartments.

"We are very excited to add Effingham Parc to our portfolio,” said David R. Masse, principal of Panther Properties. “The property is at the top of its sub-market and performing exceptionally well. The Savannah region is poised for long term future growth and this bodes well for the Class A apartment market.”

Effingham Parc is located on 39.77 acres 13 miles northwest of Savannah, Georgia. The property consists of 352 units in a garden-style apartment community ranging from studio to three bedroom floor plans. The community includes amenities such as a swimming pool, a fitness center, a dog park, a business center, a two-acre community lake, and an outdoor theater. Apartments are offered in configurations ranging from 575 square feet to 1,371 square feet. The apartments feature exceptional finishes and amenities that meet or exceed those of the best luxury rental communities in the market.

Apartments feature private entries, direct-access and detached garages, full-size washer/dryer connections, private balconies or terraces, nine-foot ceilings, and walk-in closets.

In July, President Obama announced the dredging project for the Port of Savannah will be placed on the funding fast track, with all necessary federal reviews to be finished by November. The port is currently the 4th largest container port in the U.S. and aims to triple its current activity level by 2030.

The purchase marks Panther's sixth acquisition since 2010; it is their second acquisition in Georgia, the first being Mandalay Villas Apartments in McDonough, Georgia, acquired in the spring of 2011.

Panther Properties is a real estate company that acquires, develops, and manages Class A apartment communities in the Southeast US. Panther owns 1,850 apartment units. Panther Properties is aggressively looking to grow their multifamily portfolio.

 

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