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FL Panhandle Multifamily Sells for Record-Setting $360,000 per Unit
Capital Square 1031 has acquired The Residences at 393 North apartment community in Santa Rosa Beach, FL, for $46 million. The community includes 128 units; according to Capital Square the purchase price of $360,000 per unit equates to a record-setting deal for the Panhandle’s Destin-area market.
The seller of the 175,000-square-foot, Class A community is 393 North, LLC. Mike Steiner of Colliers’ Florida Multifamily Team lead the transaction along with partners Casey Babb, Luis Baez, Shawn Rupp and Will Matthews.
The community was fully leased prior to its completion in September 2021.
“The Walton County market has seen a record number of new construction multifamily units over the past three years,” Steiner said. “Even so, all new product that has been delivered has experienced accelerated lease-up from a ‘renter-by-choice’ demographic with an average household income of $130,000 per year and average in-place rents of around $2,000 per month.”
- ◦Sale/Acquisition
