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Luxury apartment community and adjacent parcel in Florida Panhandle sell to Houston-based developer

Latitude at Hammock Bay photo

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.


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Mike Steiner

Director, Multifamily Investments

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Mike Steiner joined The Colliers Florida Multi family Team in January of 2021 as the Director of Multifamily, Florida Panhandle. His focus is on seller representation of multifamily apartment properties located primarily in the Panhandle of Northwest Florida and southern regions of Georgia and Alabama. Mr. Steiner entered the commercial investment real estate industry in 2005 after graduating from Florida State University with degrees in Real Estate and a M.S. in Urban and Regional Planning. Prior to his current position in multifamily investment sales, Mike was focused on the development of Student Housing, working with a national Student Housing developer in managing a broad range of day to day activities in support of new development projects around the country, inclusive of project-level due diligence and design coordination, helping to secure entitlement/zoning approvals, project scheduling, RFP responses coordination, project budgeting/underwriting and coordination with construction. Having owned, developed, managed and brokered over 300 Million in MF real estate, Mike is able to provide a unique perspective on the overall market to his clients. Mike is a lifelong Floridian, growing up in Destin and is a 2nd generation commercial real estate practitioner. He is married to wife Emily, they have 3 boys: oldest son Milo and twin boys, Rowan and Julian.

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Casey Babb

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Casey Babb, CCIM joined Colliers Tampa office as an Executive Managing Director in January 2021, specializing in multifamily investment sales.  As team leader for Colliers Florida Multifamily, Mr. Babb manages  eight producers and four essential support staff and his focus is on seller representation of large apartment communities located throughout the state.  Since 2018, Mr. Babb has helped his clients close 150 multifamily transactions valued at over $885 Million.   Mr. Babb entered the commercial investment real estate industry in 2002 after graduating from Florida State University where he obtained degrees in both real estate and finance. He obtained his CCIM designation in 2004. Throughout his career, Mr. Babb has been routinely recognized as a top producer nationally at several different brokerage firms in the Tampa Bay area.

 

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Luis Baez

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He is a graduate of the University of Tampa where he majored in finance, with a minor in Latin American studies. As an advocate of continuing education, Luis pursued his CCIM designation which is recognized as the most coveted and respected in the industry for commercial investment professionals.

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Shawn Rupp

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Shawn Rupp is one of three partners in the sixteen person Colliers Florida Multifamily team which led the state of Florida in 2020 for total number of multifamily transactions. Shawn has over 17 years of experience working as a commercial real estate advisor and specializes in helping multifamily owners maximize the value of their assets, whether or not they have a sale imminent.

Shawn is the creator of propriety software which allows his team to mine their own data instead of relying on information provided by third-party vendors used by most of the industry.  This software also runs simulations and utilizes artificial intelligence to determine the most likely buyers for each listing and help compile institutional quality business-case analyses for clients.

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