Hendricks-Berkadia Closes on 148 Units in Panama City for $4,810,000

BIRMINGHAM, Ala. / ORLANDO, Fla / PANAMA CITY, Fla. --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Pine Terrace, a 148-unit apartment community located in Panama City for $4,810,000. David Oakley, partner, and Royce Emerson, senior vice president, in Hendricks-Berkadia’s Alabama office and Southeast partners Cole Whitaker, Hal Warren, and Jason Stanton in Hendricks-Berkadia Florida offices, negotiated the sale of Pine Terrace representing the seller, ABACO Partners, LLC. Built in 1983, Pine Terrace is a garden-style, one-story community situated on approximately 9.58 acres of land with a density of 15.45 units per acre and an average unit size of 603 square feet. The 11 buildings house a total of 93,000 rental square feet offering a well-balanced unit mix of studio, one-, and two-bedroom floor plans, ranging from 288 to 864 square feet in size. The buyer was Pine Terrace Investors LLC, based out of New York.