Hunt JV Completes North FL Community
- May 24, 2018
Hunt Cos., in a joint venture with W Development, has completed development of The Sanctuary at 331, a 264-unit workforce housing community in Santa Rosa Beach, Fla. The developers broke ground on the project in June 2016, and upon completion the asset was 69 percent leased and 49 percent occupied.
The developers financed the project with a $33.2 million HUD 221(d)(4) construction loan, according to Yardi Matrix. Moss & Associates served as general contractor for the development. Pinnacle is providing property management services for the asset.
Located at 24555 Highway 331, the community is positioned between Point Washington State Forest and Choctawhatchee Bay, approximately a mile and a half north of U.S. Highway 98. The property contains a mix of one- and two-bedroom apartments, ranging in size from 735 to 1,075 square feet. Amenities include:
- 24-hour fitness center
- dog park
- car wash station
- swimming pool
- 3,700-square-foot clubhouse
- detached garages
“The Sanctuary at 331 fills a void in the area for moderately priced workforce housing catering to the employees of the hospitality industry on 30A and Destin,” said Dominick Cristiano, executive vice president of Hunt, in a prepared statement. “The collaboration between Hunt, Moss and Pinnacle, along with local development partner W Development, was seamless and we are extremely pleased with the outcome.”
Image courtesy of Hunt Cos.