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Passco Picks Up Emerald Coast MF for $63M
California-based Passco Companies acquired Sea Glass Apartments, a Class AA, 288-unit apartment community in Destin, FL from Atlanta-based Catalyst Development Partners for $63.3 million. The property at 4320 Commons Drive West is located in the heart of the “Emerald Coast,” known for its white-sand beaches and emerald green waters.
Passco’s Colin Gillis says, “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.”
Constructed in 2017, the asset features a resort style-swimming pool, fitness studio, grand clubroom with billiards and media center, breakfast bar, indoor/outdoor bar area, package concierge and business center.
JLL’s Matt Wilcox, Jubeen Vaghefi and Denny St. Romain brokered the transaction. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged acquisition financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

