SEACREST BEACH, Fla. and BIRMINGHAM, Ala. – March 29, 2019 – Berkadia announced today the sale and financing of the Lofts at Seacrest Beach, a mid-rise multifamily property in Seacrest Beach, Florida. Senior Director David Etchison of Berkadia’s Florida Panhandle office worked with Senior Managing Director David Oakley of the Birmingham, Alabama office, and Senior Managing Director Cole Whitaker and Director Mary Beale of the Orlando, Florida office to complete the $31.2 million sale on behalf of the seller, Birmingham-based Capstone Collegiate Communities. Managing Director Tom Genetti of Berkadia’s Birmingham, Alabama office also secured financing for the property on behalf of the buyer, Alabama-based EBSCO Income Properties, LLC. The deal closed on March 27.
“The Lofts at Seacrest represented a rare opportunity to acquire a 100% occupied trophy asset in an irreplaceable location along the Emerald Coast in the Florida Panhandle” said Etchison. “With millions of visitors each year and increased military spending benefiting the largest U.S. Air Force Base in the world, these coastal markets have seen record rent growth and have been a very attractive option for investors.”
“This was a true team effort between the investment sales, mortgage banking team and the client to ensure an efficient and quick turnaround and smooth closing,” said Genetti. “From contract to closing, everyone worked seamlessly together to ensure a timely closing. Most importantly, the client was happy with the execution.”
Located among the iconic beaches of Scenic Highway 30A, the property features one-, two- and three-bedroom floor plans with stainless-steel, energy-efficient appliances and full-size in-unit washers and dryers. Community amenities include a resort-style pool with a sundeck, a 24-hour fitness center, outdoor grilling stations, a pool-side fire pit, a cyber lounge and deeded beach access. Residents are also afforded convenient access to Highway 98.
According to CoStar & RCA, this transaction sets the new high-watermark on a price-per-unit basis for conventional multifamily properties in coastal markets from Texas to the Florida Panhandle.
Berkadia’s North Florida multifamily investment sales team has closed over $1.2 billion in sales volume through over 11,434 units since 2017.