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Florida & Gulf Coast  + Gulf Coast  + Apartments  |  January 4, 2023
The St. Joe Company and Flournoy Development Company have sold the Sea Sound Apartments in Panama City Beach, FL for $92 million.
Lisa McDuffie
By: Lisa McDuffie

St. Joe Company, Flournoy Development Company Sell Panama City Beach Multifamily for $92M

Panama City Beach, FL-based The St. Joe Company and joint venture partner Flournoy Development Company have finalized the $92-million sale of Sea Sound Apartments, a 300-unit apartment community located in Panama City Beach. (The St. Joe Company had sold the development’s then-vacant 18.97-acre parcel to the JV in January 2020 for $5.1 million.)

Cliff Taylor, Joe Ayers, Paul Berry and Don Hoffman of CBRE represented Flournoy Development in the transaction.

Passco Sea Sound DST acquired the 2021-completed property, which encompasses four buildings with one, two and three-bedroom units, resort-style pool and wellness and health studio.

The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest FL. In 2023 the firm anticipates the opening of Mexico Beach Crossings Apartments, a 216-unit apartment community located Mexico Beach, FL and positioned to address the housing needs of the $5 billion redevelopment of Tyndall Air Force Base, and North Bay Landing Apartments, a 240-unit apartment community in located in Panama City, FL.

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St. Joe Company

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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