California-based Passco Companies buys Destin apartment complex for $63.3M

A Southern California investment firm bought a new apartment complex in northern Florida for $63.3 million.

Irvine, California-based Passco Companies paid just under $220,000 per unit for Sea Glass Apartments, a five-building rental complex in Destin that opened last year.

“The property leased up at a record pace, reaching 100 percent occupancy in less than seven months with no concessions,”Colin Gillis, vice president of acquisitions for Passco, said in prepared remarks. 

Gillis credited employment growth in Destin and nearby Crestview and Fort Walton Beach, citing “large increases in military spending benefiting the three military bases in the area … and defense contractors such as Boeing, BAE Systems, Lockheed Martin and L3 Technologies.”

Sea Glass Apartments at 4320 Commons Drive West in Destin has one-, two- and three-bedroom units and studios. Tenants share a breakfast bar, swimming pool, gym, club room with billiards, and package concierge. The property is directly across from Henderson Beach State Park and near retail destinations.

Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Capital Markets brokered the sale of Sea Glass to Passco by Atlanta-based Catalyst Development Partners. [Multi-Housing News] – Mike Seemuth