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Passco Acquires 300-Unit MF Community in Destin for $63M
California-based Passco Cos. acquired Legacy on the Bay, a 300-unit apartment community in Destin, FL for $63.4 million. Located at 251 Vinings Way Blvd., the property is nearby Fort Walton Beach Medical Center, Northwest Florida State College, and BAE Systems.
The firm plans to implement value-add upgrades at the property, including minor renovations as well as the addition of in-unit washer and dryers. The community features one-, two-, three- and four-bedroom units, as well as screened-in balconies and patios, and stainless steel appliances. Amenities include a resort-style pool, 24-hour fitness center, basketball court, clubhouse, business center and a dog park.
Walker & Dunlop’s Brian Moulder and Dhaval Patel represented the seller, Nashville-based Carter-Haston Real Estate Services, in the transaction. Chris Black and Caleb Marten, of KeyBank Real Estate Capital’s Commercial Mortgage Group, arranged acquisition financing on behalf of Passco.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
