Passco Cos. Acquires Class A, 288-Unit Apartment Community in Destin, FL for $63.3 Million

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. 

Colin Gillis

Additionally, the MSA posted some of the most consistent and lowest state-wide MSA unemployment rates over the last 10 years, and remained especially strong through the downturn, according to Colin Gillis, Vice President of Acquisitions for Passco. 

“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.

Rob Meyer

"Collectively, these military facilities employ nearly 100,000 personnel.  Large technology and defense contractors have also expanded in the region including companies such as Boeing, BAE Systems, Lockheed Martin and L3 Technologies.” 

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. 

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.”

Constructed in 2017, Sea Glass Apartments features best-in-class amenities including a resort style swimming pool with a pool chiller, fitness studio, grand clubroom with billiards and media center, breakfast bar, indoor/outdoor bar area, package concierge and a business center.

Denny St. Romain

Passco acquired the property from Atlanta-based multifamily real estate development firm, Catalyst Development Partners.

“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.

Jubeen Vaghefi

The JLL Florida Capital Markets team of Matt Wilcox, Jubeen Vaghefi and Denny St. Romain brokered the transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

Celebrating our 20^th 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.

Chris Black

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. 

Catalyst development partners is an Atlanta-based firm focused on multifamily real estate development and acquisition opportunities, with a footprint across multiple southern states.

Caleb Martin

CONTACTS:

Lisa James / Lexi Astfalk

Brower Group

(949) 955-7940

Ljames@brower-group.com

HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit multi-housing community in North County San Diego, CA

Rendering of planned Persea apartments, Vista, CA

SAN DIEGO, CA –– HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit, garden-style multi-housing community the San Diego-area city of Vista, California.

Jeremy Meredith

The HFF team arranged the joint venture partnership between LLJ Ventures and Orion Pacific Investments, LLC and secured a $54 million construction loan with Bank OZK. 

Persea is located at 1333 North Santa Fe Avenue in the heart of North County San Diego. 

The property has superior connectivity to the surrounding communities of Carlsbad, Oceanside, San Marcos, Camp Pendleton and Escondido, as well as downtown San Diego, via direct access to State Route 78, which connects to the 5 and 15 Freeways. 

Aditionally, the transit-oriented community is within walking distance of two Sprinter light rail stations.  Persea is served by a variety of neighborhood retail and grocer amenities located at Downtown Vista Village and Del Oro Marketplace, among others. 

Olga Walsh

Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units. 

Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits and gas bbq grills; cabana-style lounge; two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge. 

Leonardo Simpser

“We are excited to build a community in Vista that respects the city’s rich history, while also paying homage to the Vista of today - a burgeoning craft-brewing culture, a knowledge economy, an arts community and an entrepreneurial ethos that makes Vista the jewel of North County,” said Jeremy Meredith, Managing Partner, Orion Pacific. 

 “We are grateful for HFF’s leadership, expertise, and access to capital that brings together best-in-class financial sources including LLJ Ventures and Bank OZK.”

“Given San Diego’s housing deficit, and Vista’s flourishing population, we look forward to creating an environment that results in rich and authentic experiences for residents,” said Leonardo Simpser, Managing Director, LLJ Ventures. 

Patrick Burger

“Persea will accomplish this by having the best amenities in the market and by curating activities around them that build community and create priceless memories.”

The HFF debt placement team representing the borrower included senior director Patrick Burger and senior associate Olga Walsh.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

LLJ Ventures is the private equity arm of the LM Group, which was founded in 1983 in San Diego, California.  

Today, the group manages more than $7 billion of assets in its three divisions: LM Capital (institutional fixed income), LM Advisors (high net worth families) and LLJ Ventures (Private Equity with a Real Estate Focus).  

Orion Pacific specializes in developing vertically-integrated mixed-use, including multifamily, retail, multifamily, office, and medical properties.  

For more information about HFF, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

PATRICK BURGER

CA Lic. #01820848

HFF Senior Director

(858) 552-7690

pburger@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

JEREMY MEREDITH

Orion Pacific

Managing Partner

(858) 367-3505

jmeredith@orionpac.com 

orionpac.com. 

RealCrowd Launches Online Marketplace for Opportunity Zone Investments

  

 

Adam Hooper

Portland, OR --RealCrowd, one of the nation’s leading direct investment online real estate platforms, has launched a new marketplace to give everyday accredited investors access to newly formed Opportunity Zone fund investments.

The new offering will focus solely on investments offered by third party real estate sponsors that intend to be qualified Opportunity Zone fund projects, according to Adam Hooper, Co-Founder and CEO of RealCrowd.

            “Opportunity Zone projects are still in their infancy, and regulations related to these investments continue to be defined and clarified by the U.S. Treasury,” says Hooper.

“That said, there are tax benefits that cannot be ignored by everyday accredited investors. One of the hallmarks of our platform is that we provide investors with access to opportunities that were previously only available to the most elite or largest investment firms.

"Opportunity Zone investments certainly fall into this category. Without this new marketplace, many investors would miss the opportunity to take part in what is likely to become a key investment strategy over the next decade.”

Established by Congress in the Tax Cuts and Jobs Act of 2017, Opportunity Zone legislation is a new community development program to encourage long-term investments in low-income urban and rural communities nationwide. The program provides investors with the opportunity to defer and even eliminate capital gains tax in exchange for investment in these regions.

CONTACTS:

Lexi Astfalk / Jenn Quader

Brower Group Inc.

lastfalk@brower-group.com

949.955.7940

www.realcrowd.com. 

HFF announces £350 million financing of Regent’s Crescent, London, England

Regent's Crescent Residences, Marylebone, London, England

LONDON, ENGLAND –– HFF Real Estate Limited (HFF) announces the £350 million financing of Regent’s Crescent, a 76-unit marquee residential project in Marylebone, London. 

John Nash

 Originally designed by famed Buckingham palace architect John Nash, Regent’s Crescent is the only Grade I-listed asset in the U.K. to have received approval for a complete reconstruction, a process which is underway and will provide the area with a fully restored piece of English history.

The HFF team worked on behalf of the borrower, a consortium of institutional and ultra-high-net-worth investors based in Europe and the Middle East.  Key principals of the borrower include Venture Capital Bank and Rassmal Investments.

The financing includes £250 million of senior debt, which was provided by a syndicate of five lenders based in the U.K. and the Middle East.  Additionally, £100 million of mezzanine capital was funded by various parties, domiciled in the U.S. and the Middle East.  The entire financing was structured as Sharia Compliant through multiple Commodity Murabaha agreements.

Claudio Sgobba

The HFF debt placement team representing the borrower was led by managing director Claudio Sgobba and director Andrew Hornblower.

“HFF is thrilled to have been involved with such a unique, historic transaction and looks forward to seeing Regent’s Crescent take its place as one of the truly special residential assets in London,” Sgobba said.

“We are thankful to have assisted the sponsorship in navigating a complex capitalisation with nine distinct capital providers, ultimately reaching a very successful outcome for all parties involved,” Hornblower added.

Venture Capital Bank BSC was established in 2005 as a Bahrain-based wholesale Islamic investment bank regulated by the Central Bank of Bahrain.  The firm has a strong shareholding base from across the GCC countries and invests across various asset classes in the GCC, MENA, Turkey, UK and USA.

Andrew Hornblower

 VCBank’s primary focus is on venture capital and business development, private equity and selective real estate investment opportunities.

Rassmal Investments LLC is a Gulf-based private investment company that specialises in undertaking private equity, real estate and corporate development transactions in the Middle East and the United Kingdom. 

The Dubai-registered group is owned by the Al Shawaf Family.

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

CLAUDIO SGOBBA

HFF Managing Director

44-020 7509 6700

csgobba@hfflp.com

ANDREW HORNBLOWER

HFF Director

44-020 7509 6700

ahornblower@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

 

Convey Health Solutions Upgrades to MPC-30 in Miramar Park of Commerce

Maridee Bell

MIRAMAR, FL – Convey Health Solutions, a national provider of health insurance services and technology, is relocating its 500-person Miramar office to MPC-30, the newest building in Sunbeam Properties’ Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Convey Health Solutions, which will move from another building within the Park, will occupy 47,819 sq. ft. in MPC-30, a 70,948 sq.-ft. spec office/flex building located at 3140-3188 Executive Way. Convey’s custom build-out of the space in MPC-30 is slated for completion in March.

Lauren Pace

“Convey chose MPC-30 in order to build out a facility that aligned with the company’s brand and goal to provide a superior work environment for team members,” said JLL Executive Vice President and National Director Ryan Nunes, who represented Convey Health Solutions in the transaction. 

“We worked closely with Convey and Sunbeam to structure a creative transaction that met Convey’s short- and long-term goals and provided flexibility to excel in an ever-changing business landscape.”

Convey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. Additionally, the company manages large-scale health insurance processes for clients regionally and nationally.

Ryan Nunes

“One of the many advantages of the Park is that we can make quick decisions at the local level which is important, particularly for companies like Convey Health Solutions that are looking to customize their space based on their business needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction. 

“With new buildings like MPC-30 and more than 2 million sq. ft. of existing flex and office space, Sunbeam can efficiently and successfully accommodate the diverse needs of a variety of current and future tenants.”

For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 

954-450-7900.

  

CONTACTS:

Lisha DeSantis,

 Media Relations,

 Convey Health Solutions,

772-293-6215,

 ldesantis@conveyhs.com  

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com