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Santa Rosa Beach apartment community sells for record-setting price per unit
Capital Square 1031 acquired The Residences at 393 North for $46 million, which is $360,000 per unit
By: Colliers International
393 North, LLC, sold the 175,000-square-
"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."
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