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Santa Rosa Beach apartment community sells for record-setting price per unit

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Noelle Fox
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Capital Square 1031 has acquired luxury apartment community The Residences at 393 North in Santa Rosa Beach for $46 million. The community includes 128 units, and at a purchase price of $360,000 per unit, the transaction is a record-setting deal for this market, located in the Florida Panhandle near Destin.

393 North, LLC, sold the 175,000-square-foot, fully leased Class A community, located at 77 Exuma Way in Santa Rosa Beach. Mike Steiner of Colliers’ Florida Multifamily Team was the lead agent who facilitated the transaction, along with partners Casey Babb, CCIM; Luis Baez, CCIM; Shawn Rupp and Will Matthews.

“The Residences at 393 North has instantly become one of the highest-quality multifamily assets along Florida’s Emerald Coast and will continue to be highly sought-after by the most discerning lifestyle renters in the market for many years to come,” said Mike Steiner, Director of Multifamily Investments and Florida Multifamily Team Partner, Colliers.

Developer Huff Homes completed construction of the community in September 2021, and the community was fully leased prior to completion and issuance of certificate of occupancy.

The Residences at 393 North features large units with upscale finishes; large, private air-conditioned storage closets adjacent to each unit; and a resort-style pool.

“Surrounded by luxury beach houses, upscale dining and retail options, as well as white sand beaches and turquoise waters, The Residences at 393 North is ideally located for residents,” said Whitson Huffman, chief strategy and investment officer of Capital Square 1031. “With its exceptional occupancy, resident waiting list and ideal location, the community fits perfectly within our investment criteria for Class A multifamily properties.”

Founded in 2012, Capital Square is a leader among tax-advantaged real estate investment sponsors, with nearly $1 billion in equity raised. The Residences at 393 North is the first property the company has acquired in the Florida Panhandle. It currently owns 12 other communities in Florida.

This transaction is yet another example of the strength of the multifamily market in the region.

“The Walton County market has seen a record number of new construction multifamily units over the past three years,” Steiner said. “Even so, all new product that has been delivered has experienced accelerated lease-up from a ‘renter-by-choice’ demographic with an average household income of $130,000 per year and average in-place rents of around $2,000 per month.”

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

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