PANAMA CITY BEACH, FL – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of 17 acres of land in Panama City Beach. There, the company will develop Watermark at Urban Blu, a Class A multifamily community with an expected completion date of April, 2022.
Located within the 32-acre Urban Blu Plotted Unit Development, the site is conveniently nestled in-between the two main thoroughfares of Panama City Beach: Highway 98 (Back Beach Road) and Front Beach Road. As the only multifamily community with connections to both roads, Urban Blu will offer unmatched access to the area’s major employers, such as Tyndall Air Force Base, as well as a direct shot to the well-known beach and numerous retail shops, dining locations and other amenities.
“The Panama City Beach area has struggled to provide a supply of quality multifamily homes to keep up with the demand of a growing population,” said Paul Thrift, president and CEO of Thompson Thrift and Watermark Residential. “With the U.S. government’s $3.4 billion commitment to transform Tyndall Air Force Base into a state-of-the-art defense base, the need for housing is only going to grow. Watermark at Urban Blu offers a conveniently located solution to this shortage of supply and growing demand.”
Watermark at Urban Blu will consist of 312 one-, two- and three-bedroom apartment homes averaging 958 square feet. Each unit will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly “bark park” and doggie spa.
The Panama City MSA has experienced a population boom, more than double the U.S. average between 2010 and 2019. Additionally, Panama City Beach was ranked third on TripAdvisor’s 2019 Best Beaches list, encouraging 17 million tourists to visit the area each year. Urban Blu will be only the third Class A community built in the market since 2010 and the closest of the three to the vast majority of Panama City Beach’s workforce.
Josh Purvis, managing partner of Watermark Residential, added, “Watermark consistently seeks to develop superior multifamily communities in locations with high job and population growth and where occupancy rates are stable or expanding. The Panama City MSA fits these criteria perfectly. We look forward to beginning construction and bringing another remarkable Watermark community to Florida.”
Watermark at Urban Blu will be the fourth Watermark community in Florida. Thrive by Watermark, located in Davenport, will welcome residents in early 2021. Axis One by Watermark, in Stuart, and Edge75 by Watermark in Naples are currently under construction and expected to be completed in 2021.
Since 2010 Watermark Residential has constructed more than 40 communities totaling over 11,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.

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ST LOUIS, MO – JVM Realty Corp., a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Ceylon Apartments, a boutique, luxury multifamily community in the St. Louis suburb of Clayton, Missouri. The mixed-use residential community features 121 luxury apartments and 13,421 square feet of ground floor retail.
“Ceylon Apartments is an impressive addition to the JVM Realty portfolio, as we continue to expand our footprint of luxury, multifamily apartments in suburban communities throughout the Midwest,” said Jay Madary, president and chief executive officer of JVM Realty Corp. “Ceylon is an outstanding transit-oriented property, located in suburban St. Louis that offers residents luxurious living in a fully-amenitized lifestyle residence. Ceylon’s highly desirable location has exactly the kinds of features and amenities that meet the expectations of today’s apartment residents.”
Ceylon was built in 2017 and will be managed by JVM Management Inc. It is the first acquisition for JVM Realty in the St. Louis area. The company’s total portfolio consists of 17 communities in four states totaling 4,640 units.
JVM Realty Corporation is a respected name in the Midwest as a leader in multifamily real estate investment and property management. Based in Oak Brook, Illinois, JVM operates a $1 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, and Missouri.

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VERO BEACH, FL – Watercrest Senior Living Group and equity partners, Peninsula U.S. Real Estate, and Corecam Capital Partners announced the groundbreaking of Watercrest Myrtle Beach Helped Living and Memory Care in Myrtle Beach, SC. The 98-unit luxury senior living community, financed by Bank of Texas and under construction by Shiel Sexton, is scheduled to welcome residents in late 2021.
“Our partnership with both Corecam and Peninsula offers an unparalleled opportunity to develop an exquisite senior living community in a breathtaking setting,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “Watercrest Myrtle Beach will offer seniors a diverse and enriching lifestyle in a spectacular beachside community.”
Watercrest Myrtle Beach will be a signature Watercrest product, offering 76 helped living and 22 memory care apartments with resort-style service and world-class care. The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies, and Florida-style outdoor living spaces. Watercrest’s uniquely designed Market Street Residence will showcase an ‘outdoor’ streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
“We are excited to continue our partnership with Watercrest on another project, which reaffirms our confidence in their team, operational excellence and strong competence to provide high quality care for our seniors,” says Maximilian Hönigsmann, Managing Partner of Corecam Capital Partners. “We look forward to the development of Watercrest Myrtle Beach and our future partnerships with Watercrest.”
Ideally located at 6151 Colline Verdi Way, Watercrest Myrtle Beach is nestled amongst miles of uninterrupted shoreline and championship golf courses in a gorgeous coastal community. With a significant retirement population already enjoying life along its shores, the area offers award-winning medical centers alongside diverse retail, dining, arts and entertainment.
“Watercrest not only develops gorgeous buildings, but serves with the highest levels of culture, training and engagement,” says Juan Fernando Valdivieso, Managing Director of Peninsula U.S. Real Estate. “We are honored to partner in the development of Watercrest Myrtle Beach in offering seniors the highest quality of senior living.”

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