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| Pine Terrace apartments, Panama City, FL |
PANAMA CITY, FL --- Hendricks-Berkadia, one of the nation’s
largest and most active multifamily investment banking and research companies,
recently negotiated the sale of Pine Terrace, a 148-unit apartment
community located in Panama City for $4,810,000.
David Oakley, partner, and Royce Emerson,
senior vice president, in Hendricks-Berkadia’s Alabama office and Southeast
partners Cole Whitaker, Hal Warren, and Jason Stanton in
Hendricks-Berkadia Florida offices, negotiated the sale of Pine Terrace
representing the seller, ABACO Partners, LLC.
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| David Oakley |
Built in 1983, Pine Terrace is a garden-style, one-story
community situated on approximately 9.58 acres of land with a density of 15.45
units per acre and an average unit size of 603 square feet.
The 11 buildings
house a total of 93,000 rental square feet offering a well-balanced unit mix of
studio, one-, and two-bedroom floor plans, ranging from 288 to 864 square feet
in size.
The buyer was Pine Terrace Investors LLC, based out of New
York.
For a complete copy of the company's news release, please contact:
Larry Vershel or Beth Payan, Larry Vershel Communications
407-644-4142 lvershelco@aol.com
.
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