Berkadia announces it has arranged the sale and financing for a three-property, 252-unit multifamily portfolio in the Florida Panhandle. Vantage Point Acquisitions acquired the three apartment communities including the 176-unit Crosswinds, 40-unit Crosslake Cove and 36-unit Ponderosa Place, located in Fort Walton Beach, only 30 minutes from iconic Destin beaches and approximately 45 miles east of Pensacola.
Senior Director David Etchison of Berkadia’s Florida Panhandle office and Senior Managing Director Cole Whitaker of the Orlando office arranged the $49.8 million sale on behalf of the seller, Fisher Development LLC. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Vantage Point Acquisitions.
“This legacy portfolio represented a rare opportunity to acquire newer construction multifamily assets in one of the fastest-growing markets along the Emerald Coast,” said Etchison. “Fisher Development’s custom homebuilding background is evident in the construction quality and special unit features like unique top floor lofts. The transaction process was a true collaboration between Fisher Development LLC and Vantage Point Acquisitions that resulted in a win-win for all parties.”
According to CoStar & RCA, this sale sets the new high-watermark in Fort Walton Beach at nearly $198,000 per unit for a conventional multifamily property.
Fannie Mae originated the 12-year loan with 7 years IO at an aggressive interest rate.
“Fort Walton’s rate of growth and labor resiliency have made it a competitive market with fundamentals that create favorable opportunities for investment,” said Sinberg. “Anchored by one of the largest military bases in the U.S. and industries like construction and manufacturing, the city is part of what’s considered the Florida Panhandle’s jobs center, bringing new residents and corporate investment that further support its multifamily market.”
Built from 2013 to 2019, Crosswinds is a 176-unit community that includes modern floor plans, fully equipped kitchens, walk-in closets, vaulted ceilings with extra loft space, and private screened patios. Community amenities include a custom-designed swimming pool, in-home washer and dryer connections, large fitness area, a spacious clubhouse, and several private garages.
Built in 2001, Crosslake Cove Apartments is a pet-friendly, 40-unit community with an incredible location, private pool, in-home washer and dryer connections, loft units, and private screened patios.
Built in 1999, Ponderosa Place Apartments is a pet-friendly, 36-unit community that includes modern floor plans, in-home washer and dryer connections, and private garage parking for each unit.
Berkadia’s North/Central Florida multifamily investment sales team has closed over $2.1 billion in sales volume through over 19,000 units since 2017.