DESTIN — Passco Companies, a privately held California-based commercial real estate company, has acquired Legacy on the Bay, a 300-unit luxury apartment community in Destin for $63.45 million.
The purchase is Passco’s second multifamily in Destin in recent months. The firm purchased the Class AA Sea Glass Apartments in December, according to Colin Gillis, vice president of acquisitions for Passco.
“We’ve enthusiastically targeted the Crestview-Fort Walton Beach-Destin MSA for its strong track record and future economic expansion potential, as it continues to post the lowest unemployment rate in the state of Florida,” Gillis said in a press release from Passco.
Legacy on the Bay is located near U.S. Highway 98 and U.S. Highway 331, offering residents regional access and has proximity to major employers including Fort Walton Beach Medical Center, Northwest Florida State College and BAE Systems.
“Due to our ownership of best-in-market Sea Glass Apartments, located just a few miles down the road from Legacy, we already have our finger on the pulse of the local market and resident demands,” Gillis said. “Thus, we are better positioned to strategically approach the operation of this asset. Through adding this core-plus investment to our portfolio, we will hold two distinct and in-demand offerings in Destin.”
The firm plans to implement value-add upgrades at the property, including minor renovations to refresh and modernize interiors and the addition of in-unit washer/dryers. Gillis also highlights that the property features the largest floorplans in the submarket, including a rare four-bedroom option.
“Legacy’s spacious one, two, three and four-bedroom floorplans are well-suited to its location, which offers tranquil living surrounded by lush greenery,” Gillis said. “Further, the larger floor plans are appealing to families who are drawn to the Okaloosa County School District, one of the top five districts in the state.”
Gillis said Legacy’s residents also enjoy quick access to several shopping, dining and entertainment options, including a Whole Foods Market, Bass Pro Shops, Belk, H&M, Chipotle and 14-screen AMC Theatre at Destin Commons.
The firm acquired Legacy at the Bay from Carter-Haston Real Estate Services, a Nashville-based private fund and property management firm. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller in this transaction.
“This will remain a strong overall investment as it matures. It was a pleasure to work with Passco’s dependable team once again on this transaction," Moulder said in the release.
The apartment community is located at 251 Vinings Way Boulevard in Destin.