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| Sea Glass Apartments, 4320 Commons Drive West, Destin, FL |
Destin, FL — Passco Companies, a
privately-held California-based real estate company that specializes in the
investment, acquisition, development, and management of commercial properties
throughout the U.S., has acquired Sea Glass Apartments, a Class AA,
288-unit apartment community in Destin, Florida for $63.3 million.
The apartment community is located in the Crestview-Fort
Walton Beach-Destin MSA, which boasts the lowest unemployment rate in the
state of Florida, according to the U.S. Bureau of Labor Statistics.
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| Colin Gillis |
“Destin has experienced strong and consistent year-over-year
job growth in addition to recording the highest nonfarm payroll employment
growth in the entire state of Florida,” says Gillis.
“This influx of new jobs is driven largely by the leisure
and hospitality increases in the market, expansions in medical and education
sectors serving the explosive population growth, and large increases in defense
spending, benefitting the three military bases in the area, including Eglin
AFB, one of the largest military installations in the world.
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| Rob Meyer |
Sea Glass Apartments is located in the heart of the “Emerald
Coast,” known for its white-sand beaches and emerald green waters, attracting
more than four million visitors each year.
The apartment community is located in the Okaloosa County
School District, which is ranked second in the state of Florida, as well as
within walking distance of primary retail destinations, and directly across
from Henderson Beach State Park, which includes 6,000 feet of natural scenic
shoreline along the Gulf of Mexico.
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| Matt Wilcox |
Added Gillis: “Sea Glass is a one-of-a-kind project in an excellent location within a market that has exhibited huge pent-up demand for luxury multifamily product.
"The property leased up at a record pace, reaching 100% occupancy in less than seven months with no concessions.
Effective rents at the property are extremely impressive, and in many cases, they exceed rent levels for similar luxury assets in the more well-known Florida markets like Tampa and Orlando.
"Additionally, the barriers-to-entry in this market are
very strong on all fronts – physical, political and financial.”
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| Denny St. Romain |
“Sea Glass Apartments is an exceptional asset and we are
glad that we had the opportunity to work with the Passco team on this deal,”
says Rob Meyer, Partner at Catalyst Development Partners. “Their entire
team made the process seamless, and we know this property will be an excellent
addition to their portfolio.”
The apartment community is located at 4320 Commons Drive West
in Destin, Florida. It features a mix of studios, one-, two-, and three-bedroom
floorplans.
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| Jubeen Vaghefi |
Chris Black and Caleb Marten of KeyBank Real Estate
Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of
Passco Companies.
Celebrating our 20th Anniversary in 2018, Passco
Companies, LLC is a nationally recognized market leader in the acquisition,
development, and management of multi-family and commercial properties
throughout the U.S.
Passco offers a full set of real estate services including
asset and property management, leasing, as well as property development and
construction.
Headquartered in Irvine, California, Passco currently has $2.8 billion assets under management and is involved with 53 properties in 18 states. Passco is actively growing its portfolio in primary and secondary markets throughout the nation.
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| Chris Black |
Headquartered in Irvine, California, Passco currently has $2.8 billion assets under management and is involved with 53 properties in 18 states. Passco is actively growing its portfolio in primary and secondary markets throughout the nation.
Catalyst development partners is an Atlanta-based firm focused on multifamily real estate development and acquisition opportunities, with a footprint across multiple southern states.
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| Caleb Martin |
CONTACTS:
Lisa James / Lexi Astfalk
Brower Group
(949) 955-7940
