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| Legacy on the Bay, a 300-unit luxury apartment community in Destin, FL |
DESTIN, FL — Passco
Companies, a privately held
California-based commercial real estate company that specializes in
acquisition, development, and property and asset management throughout the
U.S., has acquired Legacy on the Bay, a 300-unit luxury apartment
community in Destin, Florida for $63.45 million.
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| Colin Gillis |
This is Passco’s second multifamily asset acquisition in Destin in recent
months, coming on the heels of the firm’s purchase of Class AA Sea Glass
Apartments in December, according to Colin Gillis, Vice President of
Acquisitions for Passco.
“We’ve enthusiastically targeted the Crestview-Fort Walton Beach-Destin
MSA for its strong track record and future economic expansion potential, as it
continues to post the lowest unemployment rate in the state of Florida,”
explains Gillis, also noting that Moody’s Analytics places the area in the top
10th percentile nationally for projected job growth over the next five years.
“Additionally, this market continues to have extremely high
physical, political, and financial barriers to entry. There is only one
multifamily asset in the pipeline in the entire MSA, despite significant
in-migration and a population growth rate of more than twice the national
average.”
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| Brian Moulder |
Brian Moulder and Dhaval Patel of Walker &
Dunlop represented the seller in this transaction.
“Legacy on the Bay presents a unique, high-yield investment opportunity
due to its location less than a mile from some of the most desirable beaches in
the country, and two miles from the thriving Destin Commons, a premier
lifestyle center offering residents shopping, dining, and entertainment,” says
Moulder.
“This will remain a strong overall investment as it matures.
It was a pleasure to work with Passco’s dependable team once again on this
transaction.”
The apartment community is located at 251 Vinings Way
Boulevard in Destin, Florida.
Chris Black and Caleb Marten of KeyBank Real Estate Capital’s
Commercial Mortgage Group arranged acquisition financing on behalf of Passco
Companies.
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| Dhaval Patel |
Legacy on the Bay is located near U.S. Highway 98 and U.S. Highway 331,
offering residents superior regional access, and has proximity to major
employers including Fort Walton Beach Medical Center, Northwest Florida State
College, and BAE Systems.
There has been a large influx of jobs in the leisure and
hospitality industry driven by tourism to the ‘Emerald Coast,’ known for its
white sand beaches and emerald green waters, which attracts approximately 4.5
million visitors each year.
“Due to our ownership of best-in-market Sea Glass Apartments, located just
a few miles down the road from Legacy, we already have our finger on the pulse
of the local market and resident demands,” says Gillis.
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| Chris Black |
“Thus, we are better positioned to strategically approach
the operation of this asset. Through adding this core-plus investment to our
portfolio, we will hold two distinct and in-demand offerings in Destin.”
The firm plans to implement value-add upgrades at the property, including
minor renovations to refresh and modernize interiors and the addition of
in-unit washer/dryers.
Gillis also highlights that the property features the
largest floorplans in the submarket, including a rare four-bedroom option.
“Legacy’s spacious one, two, three, and four-bedroom floorplans are
well-suited to its location, which offers tranquil living surrounded by lush
greenery,” confirms Gillis.
“Further, the larger
floor plans are appealing to families who are drawn to the Okaloosa County
School District, one of the top five districts in the state.”
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| Caleb Martin |
Gillis notes that Legacy’s residents also enjoy quick access to several
shopping, dining, and entertainment options, including a Whole Foods Market,
Bass Pro Shops, Belk, H&M, Chipotle, and 14-screen AMC Theatre at Destin Commons.
Legacy’s units include screened balconies and patios, stainless steel
appliances, deep kitchen sinks with upgraded spray hoses, custom cabinetry,
refrigerators, dishwashers, built-in shelving, walk-in closets, ceramic-tiled
foyers, security alarms, air conditioning, and ceiling fans with brush nickel
accents.
CONTACTS:
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
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