CBRE Facilitates Sale of 300-Unit New Construction Apartment Community in Panama City Beach

CBRE has facilitated the sale of Sea Sound Apartments, a newly constructed 300-unit, Class A multifamily property in Panama City Beach, Fla. Passco Companies purchased the property.

CBRE’s Cliff Taylor, Joe Ayers, Paul Berry and Don Hoffman represented the seller, Flournoy Development, in the transaction. Flournoy Properties will be retained for property management services.

“Multifamily market fundamentals in Florida’s Panhandle have never been stronger,” said CBRE Senior Vice President Joe Ayers. “Since the onset of the pandemic, people from all over the country have been accelerating their plans to relocate to Florida’s coastal communities. We have seen tremendous renter demand for quality units with good proximity to the beach over the last two years, as a result properties like Sea Sound Apartments have greatly benefitted. Sea Sound Apartments represents the top-end of the quality spectrum and should out-perform the market for the foreseeable future.”

Located at 10400 Panama City Parkway, the gated property features four four-story buildings serviced by elevators. Sea Sound Apartments includes one-, two-, and three-bedroom units averaging 1,082 square feet. Apartment amenities feature best-in-class finishes, including wood-style flooring, Nest thermostats, keyless door locks, Quartz countertops, and stainless-steel appliances. Community amenities include a resort-style pool with large sundeck, outdoor cabana lounge with fire pits, outdoor grilling areas, clubhouse with game room and pool table, video game room, business center/conference room, state-of-the-art fitness center and spin room, dog park, pet grooming station, playground, pickleball court, and RV and boat parking.

In addition to nearby white sand beaches, Sea Sound Apartments residents have convenient access to large brand-name retailers less than one-mile from the property, as well as Breakfast Point Marketplace, a 110,000-square-foot shopping center. Additionally, one of Panama City Beach’s top destinations, the 1.1 million square foot open-air regional lifestyle center Pier Park, is located less than 10 minutes from the property.