Affiliates of The Dinerstein Companies purchased Latitude at Hammock Bay and 6.5 acres for phase II of development
Affiliates of The Dinerstein Companies, a national multifamily developer, owner and property, have purchased a luxury apartment community and adjacent land in Freeport, a city located in the Florida Panhandle near Destin, for an undisclosed price.
Avian Ventures, LLC, sold the 234,744-square-foot, fully leased, 232-unit Class A Latitude at Hammock Bay apartment community. Latitude at Hammock Bay, LLC sold the 6.5 acres of land adjacent to the community, which is entitled for development of another 168 units.
Mike Steiner; Will Matthews; Casey Babb, CCIM; Luis Baez, CCIM; and Shawn Rupp of Colliers facilitated the transaction.
“The buyer recognized the value in having a new-construction, Class A apartment community located in a fully amenitized master-planned community and the ability to reduce their basis by also purchasing the adjacent site to build additional units.” ~ Mike Steiner, Director of Multifamily Investments and Florida Multifamily Team Partner, Colliers
The property is located in developer The Jay Odom Group’s 3,000-acre master-planned community Hammock Bay, which has bay frontage on Choctawhatchee Bay.
Completed in December 2020, Latitude at Hammock Bay leased its final 114 units between early March 2021 and early May 2021 – a testament to both the quality of the asset and market conditions in Freeport and the surrounding area.
“The Walton County market has seen a record number of new construction multifamily units over the past three years,” Steiner said. “Even so, all new product that has been delivered has experienced accelerated lease-up from a ‘renter-by-choice’ demographic with an average household income of $130,000 per year and average in-place rents of around $2,000 per month.”
Buyer interest for Latitude at Hammock Bay was brisk, with 12 serious offers made by institutional, Delaware Statutory Trusts (DSTs) and family office investors.
The Dinerstein Companies is one of the nation’s largest developers of multifamily and student housing communities. The integrated company, which specializes in development, construction and property management, has completed over 59,000 multifamily apartments and 44,000 student housing beds in 26 states.
The Dinerstein Companies affiliate has rebranded Latitude at Hammock Bay as Infinity at Hammock Bay. Construction of phase II is expected to begin in August 2022 and be completed in November 2023.