|Panama City, FL – April 17, 2014 – ST Residential, a manager of properties owned by a public-private partnership between the FDIC and a group of leading U.S. private real estate investors, and its affiliates announced today they have hired CBRE Group, Inc. to market and sell their interest in Laketown Wharf, a highly amenitized, direct Gulf view resort property located in Panama City, Florida.
The offering consists of 699 units in the 795-unit property, 110,000 square feet of retail space and amenities including five pools, a separate sales center, arcade, putting green, security, dedicated beach access, and a circular boardwalk surrounding an on-property lake, with numerous food and beverage and event opportunities. This 22-story property, located at 9902 South Thomas Drive, has recently undergone an approximately $8 million extensive renovation and enhancement plan and is ready for its new owner to continue to operate as a combined apartment and hotel, or to convert to condo.
Currently, 399 of the units are being operated as apartments and 300 units as a hotel. Laketown Wharf offers a collection of one-, two- and three-bedroom floor plans, all with full-size kitchen, with an average unit size of 1,248 square feet. The apartment units are 96% occupied.
“Laketown Wharf offers new owners the opportunity to buy into a rising Florida market, to benefit from a shortage of supply, and to have optionality in terms of overall execution through a large-scale asset,” said Jon Pertchik, President and CEO of ST Residential.
As above-average population growth continues and Florida’s healthcare and tourism industries expand, experts predict housing demand in Panama City will accelerate further.
“There are a variety of execution strategies available to the new owner as well as additional upside from branding the asset, adding meeting space to the property, improving the onsite food and beverage operations, and creating operating efficiencies, all of which would greatly improve performance,” said Robert Given, Vice Chairman of CBRE.
“We are excited about bringing Laketown Wharf to market. The ST team has done an excellent job positioning the property for an exit. We took a view at acquisition four years ago to be patient with the property to give the Florida panhandle real estate market time to recover. During that period, we invested significant capital and time to improve the property while enjoying the benefit of positive property level cash flow,” said Kelvin Davis, Head of Global Real Estate for TPG.
About ST Residential, LLC
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.