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Michelson Picks Up 348-Unit Panther Creek Parc Near Nashville

Panther Residential Management Sells Multifamily Complex for $57.9 Million
July 9, 2018
The 348-unit Panther Creek Parc apartment complex at 3625 Manson Pike in Murfreesboro, TN

Clayton, MO-based The Michelson Organization (Michelson) purchased a 348-unit apartment complex in Murfreesboro, TN from Panther Residential Management (PRM). Panther Creek Parc sold for $57.85 million, or approximately $166,000 per unit.

Located at 3625 Manson Pike, the complex comprises one-, two- and three-bedroom units ranging from 680 to 1,283 square feet in 12, three-story buildings. The property spans nearly 20 acres less than 25 miles from Nashville International Airport.

“Our research indicated that the region possessed the robust fundamental characteristics that we considered necessary to create a viable multifamily market. In addition, the per-unit sales price of $166,000 reflects the significant rental demand that has taken place since we began the development in 2012," said Eric Wardrop, principal/director of PRM.

PRM developed the garden-style complex in 2013. The Boston-based private equity firm has acquired or developed more than 6,000 multifamily units with a combined transaction value of $1 billion, its press release suggests.

The new owner will handle property management responsibilities at Panther Creek Parc in-house. Michelson currently operates $1.5 billion of income producing properties, according to its website.

Please refer to CoStar COMP #4323403 for additional information regarding this transaction.

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