A newly developed 283-unit apartment complex in 4-story and 3-story buildings with a resort style pool, state-of-the-art fitness center, clubhouse located just around a series of lakes and just across the street from a newly opened elementary school and in close proximity to a regional park.
The project broke ground in early 2019 and began leasing just as COVID hit in March 2020. Despite the challenges of COVID, the project stabilized in early 2021 at rents 15% above proforma. The project was sold in September of 2021 at a record price-per-door for the Destin/Panama City Beach submarket.
Located in the heart of the Emerald Coast, near the pristine beaches of Walton County, the area’s population and household formation are projected to continue increasing for the next five years. According the county’s Economic Development Alliance, the Highway 98 corridor where the project is located is the fastest growing region in the area with growth migrating east from Destin. Additionally, the site will benefit from proximity to the new Walton County sports park, a new elementary school in a highly-rated district, and various services available in the future retail components of the development.