Ashley at Breakfast Point and West Woods Haven
Cushman & Wakefield has arranged the sale of Ashley at Breakfast Point, a 360-unit apartment community located in Panama City Beach, Florida, and West Woods Haven, a 268-unit apartment community located in Pensacola, Florida. Jimmy Adams and Craig Hey of Cushman & Wakefield’s Birmingham, Alabama, office represented the sellers in the transactions.
Coastal Ridge Real Estate and their JV partner H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Built in 2007, Ashley at Breakfast Point is located in the heart of Panama City Beach along Highway 98 within minutes of the beach and key economic drivers. Amenities include a resort-style pool, grilling station, boat and RV parking, fire pit, bark park, and scenic pond.
“Ashley at Breakfast Point arrived to market with an explosive rent growth story and proven value-add potential,” Adams said. “The Panhandle of Florida continues to draw exceptional interest from the market, driven by its A+ demographic profile and massive incoming capital investments. New ownership is impressed by the property’s track record of growth and is excited to capture further revenue potential through a continued value-add campaign.”
A private developer sold West Woods Haven to Broadtree Residential, Inc., an open-ended, continuously offered multifamily fund managed by Broadstone Real Estate, LLC (Broadstone) for an undisclosed price. West Woods Haven was constructed in two phases in 2016 and 2017. The property offers residents customized interior finish levels with a market-defining amenity footprint.
“West Woods Haven generated national interest from private capital groups and institutional buyers driven by its strategic placement just east of Navy Federal Credit Union’s Phase II project, which is set to deliver 5,000+ high salary jobs by 2020,” Hey said. “New ownership is excited to capitalize on the community’s organic growth trajectory and proximity to additional multi-use developments anticipated to emerge from the area’s strong job growth.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Coastal Ridge Real Estate
Coastal Ridge Real Estate was established as a full-service real estate investment firm to execute on a core, core plus, and light value add investment strategies in the multifamily real estate asset classes. The firm’s vertically integrated platform includes investment management, asset management, property management, ground up development, and construction management. Our portfolio currently includes approximately 13,750 student housing beds and 6,000 conventional apartment units across the country, with assets under management totaling over $2.0 billion. Our equity is structured through multiple investment partnership with public pension funds, private equity funds, insurance companies and family offices. We are headquartered in Columbus, Ohio, with our investment team based in Santa Monica, California, and are led by a team of 500 real estate professionals. The firm was named the last four consecutive years to the Inc.5000 list of Fastest-Growing Private Companies in America and was honored as the #4 Fastest Growing Company in Central Ohio by Columbus Business First.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
