Passco Cos. Pays $93M for Florida Asset

Sea Sound Apartments. Image courtesy of CBRE

Passco Cos. has purchased Sea Sound Apartments, a recently completed 300-unit multifamily community in Panama City Beach, Fla. The deal was facilitated by CBRE on behalf of the seller, Flournoy Properties, which will continue to provide property management services. The property traded for $92.5 million, according to Yardi Matrix data.

Located at 10400 Panama City Parkway, the property is less than 5 miles away from Pier Park, an open-air regional lifestyle center. The Class A asset is in close proximity to large retailers as well as within walking distance of Breakfast Point Marketplace, a 110,000-square-foot shopping center. The community is also 1.3 miles away from Edgewater Gulf Beach.

The four-building asset incorporates one-, two- and three-bedroom units with an average size of 1,082 square feet, featuring wood-style flooring, keyless door locks, quartz countertops and stainless-steel appliances. Community amenities include a pool, outdoor cabana lounge with fire pits, video game room, business room, fitness center, pet grooming station and RV and boat parking.

CBRE Senior Vice President Joe Ayers stated in prepared remarks that over the last two years, renter demand for Florida units located close to beaches has greatly increased. Ayers was also recently part of a CBRE team that facilitated the sale of two Jacksonville communities totaling 134 units.

The CBRE team that closed the Sea Sound sale included Ayers, alongside Cliff Taylor, Paul Berry and Don Hoffman.