Cardone Capital has acquired Vantage at Panama City Beach. The price of the deal was not disclosed. Located in the panhandle, the property offers 288 apartments in 14 three-story buildings. Completed in 2018, the garden-style community spreads over a 20-acre site. Major employers in the area include Tyndall Air Force Base, Bay Medical Center Sacred Heart, US Naval Support Activity, General Dynamics IT and Berg Pipe. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Vantage Communities, and procured the buyer. “Panama City Beach is a thriving secondary market with an outstanding job growth story,” said Will Balthrope, executive managing director at IPA. “The property has averaged 98 percent occupancy since stabilization and achieved significant organic growth on new leases and renewals.”
