Vantage Communities Sells Panama City Beach Community

In a deal brokered by Institutional Property Advisors, the Texas investor sold a 288-unit garden-style property comprising 14 buildings.
Vantage at Panama City Beach. Image courtesy of Institutional Property Advisors

Cardone Capital has acquired Vantage at Panama City Beach, a recently completed garden-style community in Panama City Beach, Fla. The seller was Texas-based Vantage Communities, which closed on the disposition of a 1,152-unit portfolio last January

Vantage at Panama City Beach was completed in 2018 and encompasses 14 buildings. According to Yardi Matrix, the property includes 288 one-, two- and three-bedroom units sized between 605 and 1,150 square feet. Amenities include a resort-style swimming pool, a covered pool lounge and TVs, a business center, a fitness center, outdoor grills with picnic areas and dog parks.

Located on more than 20 acres at 7150 Route 98, between Panama City Beach, Fla., and Panama City, Fla., the property sits close to major employers such as Tyndall Air Force Base, Bay Medical Center Sacred Heart, U.S. Naval Support Activity, General Dynamics IT and Berg Pipe. Major thoroughfares including Route 98, Front Beach Road and the Hathaway Bridge provide easy access throughout the area.

Institutional Property Advisors Executive Managing Director Will Balthrope represented the seller and procured the buyer in the transaction.