Mesa Capital Partners has announced the sale of The Tyde, a 284-unit, new development multifamily property in Panama City Beach, FL. The property was purchased for a price of $93,500,000.
The Tyde began construction in January 2020, was completed in October 2021 and was 97% leased at the time of sale in December 2021. The Tyde consists of 300 Class-A, luxury, garden-style apartment units featuring the top unit interiors and amenity package in the market. The Tyde is located at the intersection of Panama City Parkway (Hwy 98) and Clara Avenue in Bay County, less than a mile north of the Gulf of Mexico.
Walker & Dunlop represented seller Mesa Capital Partners in the transaction. Development and property management partners included contractor Centremarc Construction, Gary Coursey & Associates Architects, and Pegasus Residential.