Crescent Real Estate Acquires Panama City Multifamily
The Fort Worth, TX-based real estate investment firm purchased the garden-style property, along with an adjoining 6.5-acre parcel of land. No financial terms of the transaction were released.
PANAMA CITY, FL—Crescent Real Estate LLC continues to increase its multifamily portfolio, acquiring the 266-unit Edgewater Crossing complex here.
The Fort Worth, TX-based real estate investment firm purchased the garden-style property, along with an adjoining 6.5-acre parcel of land. No financial terms of the transaction were released.
Crescent used its GP Invitation Fund I to purchase the apartments in partnership with KBS Realty Advisors. Crescent also used the fund to acquire the Chroma Apartments in San Antonio in early December 2017 and the Grand Mason property in Houston in January 2018.
“Edgewater Crossing is an attractive property with good upside growth in the Panama City Beach market,” says Rob Mackenzie, SVP at Crescent. “The Florida coastal community population growth has outpaced the national average. We are projecting that above-average population growth will drive better than average job growth and ultimately rent growth in the market.”
Edgewater Crossing, built in 2014, is centered around a resort-style swimming pool with pool deck fireplaces and a clubhouse and fitness center. The property is located adjacent to the 18-hole Hombre Golf Club, which has hosted PGA Tour events and qualifying school.
Regarding its recent multifamily acquisitions, Chroma Apartments is a 248-unit Class A multifamily property constructed in 2016 in the San Antonio medical center area, one of the top submarkets in San Antonio. Mackenzie says Crescent was able to acquire the newly built property at a 10%-20% discount to what it would cost to build it today.
The three-story Grand Mason apartment property is a 229-unit Class A multifamily community constructed in late 2015. The property is located in Richmond, a southwestern suburb of Houston.
Crescent used the GP Invitation Fund I in 2017 to acquire other multifamily assets in Texas, Illinois and Florida. The company’s current portfolio consists of more than 7,000 units of multifamily properties located across the U.S.
Outside of the multifamily space, Crescent last month tapped its GP Invitation Fund I to acquire the Westin Annapolis, a 225-room hotel located in the 12-acre mixed-use Park Place development in Annapolis, MD
The company also used the fund in February 2017 to purchase the Sirata Beach Resort and Conference Center, a 382-room resort property in St. Pete Beach, FL.