PAC Buys Florida Apartments
- May 04, 2020
Preferred Apartment Communities Inc. (PAC) has acquired a one-year-old, Class A apartment community in Panama City, Fla. Parkside at the Beach is a 288-unit property featuring a dozen three-story residential buildings on 21 acres at 17225 Panama City Beach Pkwy. Last month, PAC acquired a Tampa, Fla., area apartment community.
The decision to move ahead with the acquisition was based on strong April 2020 rent collection and a favorable Freddie Mac first-mortgage loan obtained two months earlier. The loan has a fixed annual rate of 3 percent over a 10-year term, is interest-only for the first two-years and amortized on a 30-year schedule.
Parkside at the Beach features one-, two and three-bedroom units ranging from 785 to 1,445 square feet in size. Features and finishes include above-standard ceiling heights, kitchen islands, semi-private entries, stainless steel appliances and in-unit washers and dryers. A fitness center is among common-area amenities. The community was 88 percent occupied at time of acquisition and features 502 grade-level parking spaces.
Parkside at the Beach is the premier multifamily property in the area, and offers a location near major arterial highways and many shopping and dining opportunities.
The property fronts Highway 98 and is less than 2 miles from the Simon Property Group-owned, 2-million-square-foot destination open-air shopping center Pier Park. That center features more than 250 retail, dining and entertainment opportunities. Another retail destination, the Y Shopping Center, is 1.1 miles away. Gulf Coast State College is 11 miles away. St. Andrews State Park and Deer Lake State Park are both less than 13 miles away. Northwest Florida Beaches International Airport is a 19-minute drive from the community.