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

TRD MIAMI /
Dec.December 02, 2018 03:30 PM

Sea Glass Apartments in Destin

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


Related Articles

arrow_forward_ios
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
AHS Residential Ernesto Lopes and AHS Residential Tamiami (Credit: AHS)

AHS Residential scores $33M construction loan for Kendall apartment complex

AHS Residential scores $33M construction loan for Kendall apartment complex
AHS Residential’s Ernesto Lopes (Credit: D Ramey Logan/Wikipedia)

AHS Residential scores $34M loan for apartment project near West Palm

AHS Residential scores $34M loan for apartment project near West Palm
Quadro at Design District and Rainmundo Onetto

Alta Developers launches sales of Quadro at Design District

Alta Developers launches sales of Quadro at Design District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...