The Tyde is a new construction, premier suburban multifamily project located in Panama City Beach, FL, developed by Mesa Capital Partners. The Project commenced in January 2020, was completed in October 2021, and sold in December 2021. The Tyde was constructed at a cost of $55,000,000 ($183,333 per unit).
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.
Mesa engaged Pegasus Residential to manage the lease-up of the property. The Tyde opened in April 2021 and experienced strong monthly leasing amidst the Covid-19 pandemic and achieved stabilization by the time of sale.
The Tyde was sold in December 2021 for $93,500,000 ($311,667/unit). The project delivered an IRR of 102.3% and a multiple of 3.41x.
- Investment Type: New Development
- Units: 300 | Average Unit Size: 1,011sf
- Unit Mix: Studio (3%) | 1-BD (30%) | 2-BD (61%) | 3-BD (6%)
- Rentable Square Feet: 303,152 sf
- Status: Sold
- Investment Date: January 2020 | Disposition Date: December 2021
- Total Project Cost: $55,000,000 – $183,333/Unit
- Disposition Price: $93,500,000 – $311,667/Unit
- Project IRR: 102.3% | Project Multiple: 3.41x