PANAMA CITY BEACH, Fla., Sept. 23, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap(NYSE: MMI), announced today the sale of Vantage at Panama City Beach, a 288-unit apartment asset in Panama City Beach, Florida.
“Panama City Beach is a thriving secondary market with an outstanding job growth story,” commented Will Balthrope, IPA executive managing director. “The property has averaged 98% occupancy since stabilization and achieved significant organic growth on new leases and renewals.” Balthrope represented the seller, San Antonio, Texas-based Vantage Communities, and procured the buyer, Cardone Capital. Ryan Nee, first vice president and district manager, is Marcus Millichap’s broker of record in Florida.
Built in 2018 on more than 20 acres, Vantage at Panama City Beach is between Panama City Beach and Panama City near U.S. Highway 98, Front Beach Road and the Hathaway Bridge. Residents have immediate access to major employers, including Tyndall Air Force Base, Bay Medical Center Sacred Heart, U.S. Naval Support Activity, General Dynamics IT, and Berg Pipe. The three-story, 14-building, garden-style community has resort-style amenities, and one-, two- and three-bedroom floor plans.
“Vantage Communities develops a unique, one-of-a-kind product that appeals to a wide variety of tenants due to its low-density design and excellent amenity package,” added Balthrope. “We had very strong interest in this offering with numerous tours and offers submitted.”