The mid-rise multifamily community located in the prestigious Florida Panhandle was a highly sought-after investment opportunity due to its attractive value-add potential, with proximity to world class beaches and large-scale government employers.
TAMPA, FLORIDA (October 26, 2021) – Northmarq’s Tampa Investment Sales team of Luis Elorza, managing director, and Justin Hofford, senior associate, partnered with Trevor Koskovich, president, and Jesse Hudson, senior vice president, based in Northmarq’s Phoenix office, to arrange the sale of The Sound at Navarre Beach to The Brookview Companies, a multifamily real estate company with a focus on the Midwest and southeast United States, for $60.5 million. Northmarq represented the seller, Talos Holdings, a multifamily-centered real estate development firm with projects in Texas, Kansas, Colorado and Florida.
Built in 2017, The Sound at Navarre Beach is located at 7381 Navarre Parkway and totals 250 units in the highly sought-after Navarre Beach submarket within the Pensacola MSA. The property was marketed as a value-add opportunity with the option to increase revenue through a strategic interior upgrade program. The property has a low-density site plan on 15.5 acres and is comprised of 52 percent one-bedroom, 40 percent two-bedroom and 8 percent three-bedroom units with an average unit size of 887 square feet.
“The buyers saw the clear potential to enhance unit interiors, while also noting the property’s proximity to the beach, spacious layouts and well-appointed amenities that make it an attractive community for residents,” said Elorza.
Community amenities for The Sound at Navarre Beach include a beach entry pool, outdoor kitchen with grills, clubhouse with coffee bar and business center, fitness center, garage parking and a community bark park. In-home amenities feature stainless steel appliances, granite countertops, shaker-style cabinets, pendant lighting, balcony/patio and plantation-style blinds.
“The Florida Panhandle has seen explosive growth over the past decade, with total employment expanding by nearly 20 percent. This region continues to attract high paying jobs, in part because of the area’s highly skilled workforce,” added Hofford.
With its high barriers to entry, the Navarre Beach submarket has a limited number of existing multifamily options in the immediate area, which should continue to see strong demand as renters look for quality apartments in the near and long term. The Sound at Navarre Beach is well-positioned to benefit from nearby employment drivers such as the Ascension Sacred Heart Emergency Room (4 minutes), Navy Federal Credit Union (24 minutes), Pensacola Christian College (38 minutes) and Eglin Air Force Base (39 minutes).