Panther Properties Investment, LLC Buys Effingham Parc Apartments (Formerly Springs at Effingham) in Rincon, Georgia for $30,800,000

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Jul 23, 2012, 03:05 ET

RINCON, Ga., July 23, 2012 /PRNewswire/ -- Panther Properties Investment, LLC, a private equity Class A multifamily investor and developer, announced that they have purchased Effingham Parc Apartments (formerly known as Springs at Effingham), a 352 unit Class A luxury apartment community in Rincon, Georgia. 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.

Effingham Parc is located on 39.77 acres just 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 SF to 1,371 SF. 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.

"We are very excited to add Effingham Parc to our portfolio. 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," said David R. Masse, Principal of Panther Properties.

In July, President Barack 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 4^th largest container port in the United States and aims to triple its current activity level by 2030. The Port of Savannah project will boost the strong regional employment environment which is currently one of the fastest growing in the country.

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. For more information visit www.pantherpi.com or contact Eric Wardrop (718-909-9600; [email protected]).

SOURCE Panther Properties Investment, LLC