Berkadia, a distinguished leader in the commercial real estate sector, announced the sale and financing of Legends at Pine Forest, a newer 170-unit apartment community in Pensacola, Florida.
Managing Director David Etchison of Berkadia Central & North Florida led the transaction on behalf of the seller, Legends at Pine Forest LLC. The buyer, Hamilton Point Investments of Old Lyme, Connecticut, acquired the property for an undisclosed price.
Director Jeremy Lynch of Berkadia Philadelphia arranged financing through Berkadia’s Proprietary Lending Group (PLG) on behalf of the buyer.
“Pensacola’s beautiful white-sand beaches and diverse economy routinely lands it on the annual list of best small cities in the U.S.,” said Etchison. “Located on the Alabama-Florida state line, this metro area has one of the youngest labor forces in Florida and continues to draw millennials who prefer to rent in newer fully-amenitized buildings.”
“Hamilton Point’s acquisition and final lease-up of Legends at Pine Forest is poised to drive significant operational efficiencies and capitalize on the vibrant market dynamics,” added Lynch.
Located at 9121 Pine Forest Road in the northwest section of Pensacola, Legends at Pine Forest was built in 2023 on a 9-acre site and consists of 10 three-story apartment buildings and a clubhouse. There are 24 one-bedroom units (1,172 square feet), 96 two-bedroom units, some with a study (1,622 square feet), 48 three-bedroom units (1,817 square feet), and two three-bedroom duplexes (2,154 square feet). Apartment interiors include granite countertops and stainless steel appliances, hardwood-inspired flooring, oversized walk-in closets and walk-in showers, private balconies with storage, full size washer/dryer connections, and vaulted ceilings on the third floor. Amenities at the pet-friendly property include a clubhouse with 24-hour fitness facility, business center and TV lounge; a zero-entry saltwater pool; bark park and outdoor ramada.
The property is conveniently located in the northeast section of Pensacola approximately 20 minutes from downtown and 30 minutes from the Naval Air Station Pensacola and popular beaches.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
