Passco Companies bought Sea Glass Apartments in Destin, Florida, for $63.3m. Completed in 2017, the 288-unit, five-building complex features a resort-style swimming pool, a grand club room with billiards and a media center. There is also a business center. JLL Florida brokered the transaction on behalf of the seller, Catalyst Development Partners.
“The property leased up at a record pace, reaching 100 percent occupancy in less than seven months with no concessions,” said Colin Gillis, vice president of acquisitions at Passco. “Effective rents at the property are extremely impressive, and in many cases, they exceed rent levels for similar luxury assets in the more well-known Florida markets like Tampa and Orlando. Additionally, the barriers-to-entry in the market are very strong on all fronts – physical, political and financial.”
