North Florida Community Trades for $26M

The Pensacola property is 2 miles from the University of West Florida campus.
Water’s Edge

The Hallmark Cos. has sold Water’s Edge, a 184-unit community in Pensacola, Fla., to Strategic Holdings for $25.8 million. According to Yardi Matrix data, The Hallmark Cos. acquired the property in 2018 for $23.5 million.

Located at 2220 Gloria Circle on 21 acres, the 16-building property was completed in 2004. Water’s Edge comprises one- to three-bedroom units with private balconies. Common-area amenities include a fitness center, a playground, a swimming pool, a spa and laundry facilities. 

The surrounding area has several retail and dining options, including the University Town Center, which is 1 mile from Water’s Edge. The community is 2 miles from the University of West Florida campus. 

Cushman & Wakefield’s Senior Director Josh Jacobs and Vice Chair Jimmy Adams assisted Hallmark in the transaction. According to Cushman & Wakefield, rent growth at Water’s Edge was up by 6 percent last year. In November 2019, the same team facilitated the $23.4 million sale of a 344-unit community in Birmingham, Ala. Contour Development acquired the asset.