PANAMA CITY BEACH, FL – The St. Joe Company announced the completion of North Bay Landing, an apartment community located in Panama City, Florida on Star Avenue, approximately one mile from State Road 231. This 240-unit apartment community represents a significant addition to the city’s rental housing market, and it is already over 90% leased.
North Bay Landing offers a diverse selection of residential floor plans, catering to various needs. The community s amenities include a zero-entry pool, playground, dog park, and a fitness center.
North Bay Landing was fully completed in June 2023. The community offers one- and two-bedroom apartments, as well as three-bedroom townhome-style apartments which include garages. The location’s proximity to the growing State Road 231 corridor, as well as nearby schools, several area employers, and Tyndall Air Force Base makes this community especially suitable for working families.
“The completion of this apartment community addresses a pressing need for more housing options in our area,” says Dan Velazquez, Senior Vice President of Commercial Real Estate for St. Joe. We set out to develop a community that would appeal to working families, teachers, first responders, and military personnel and their families. Over half of our residents are public servants that fit into one of these categories, which demonstrates the need for this type of housing in Bay County.
With the North Bay Landing now fully open, the portfolio includes a total of 1,024 completed multi-family and senior living units, with 359 additional multi-family and senior living units currently under construction.

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WOODBRIDGE, VA – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with leading real estate investor Angelo Gordon, has broken ground on Lake Pointe, a market-rate apartment community in Woodbridge, Virginia. The 15-acre site will be transformed into five four- and five-tale buildings comprising 355 units.
This development marks NRP s second partnership with Angelo Gordon, and Santander Bank has provided a construction loan for the project.
We’re incredibly excited to break ground on Lake Pointe and work in partnership with Angelo Gordon and Santander Bank, said The NRP Group s Senior Vice President of Development, Josh Wooldridge. This project represents our commitment to delivering best-in-class multifamily housing that meets the evolving needs of today’s residents. With its prime location and modern amenities, Lake Pointe is poised to become a sought-after residence for those seeking convenient, comfortable, and stylish living options in the greater Washington, D.C. area.
Lake Pointe is situated only twenty miles south of Washington, D.C. in Prince William County. The site is located just off the Prince William County Parkway exit on I-95, which sees nearly 160,000 visitors daily. Residents will have simple access to the Beltway for daily commutes to major employers in the region as well as a wide range of retail and dining options at the nearby Potomac Mills. A new state-of-the-art Kaiser Permanente medical center hub is located within walking distance and offers a wide array of medical care services, including same-day appointments. The site is also directly adjacent to a commuter parking lot with 2,300 spaces.
Equidistant to both U.S. Army Fort Belvoir and Marine Corps Base Quantico, Lake Pointe offers a small commute for those working at these mission-critical facilities. Additionally, the site is within walking distance of a daycare center and adjacent to several national retail establishments, including Target, DICK s Sporting Goods, Best Buy, Starbucks, and Panera Bread.
The amenities and floorplans of Lake Pointe were designed to meet the demands of post-pandemic trends, including larger units, floorplans with dens, work-from-home facilities, and on-site private telecommuting locations. Other amenities include a state-of-the-art fitness center, a luxurious swimming pool, parking garages, and a dog park and spa.
The development s first units are expected to be delivered in 2025.

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TAMPA, FL – Carter Multifamily, a division of Carter Funds focused on acquiring and managing value-add multifamily real estate, has bought Mode at Ballast Point located at 6306 S. MacDill Avenue in Tampa, Florida for $57.5 million. Carter Multifamily plans to reposition the 276-unit garden-style property, originally built in 1988 and formerly known as Solis at Ballast Point, under the new name “Mode at Ballast Point.”
On 21.51 acres and spanning 218,592 net rentable square feet, Mode at Ballast Point boasts a strategic location in close proximity to prime retail and job hubs, prominent healthcare institutions, business parks, and major employers in Tampa, including MacDill Air Force Base which employs over 19,000 personnel1 and is minutes away from the property.
According to the U.S. Bureau of Labor Statistics, Tampa metro employment grew 4.3% year-over-year as of May 2023; the second fastest among large metros and surpassing Florida 3.6%) as well as the national employment growth rate (2.6%).
“We are thrilled to expand our presence into Tampa; an attractive multifamily market due to its favorable renter demographics, desirable climate, and growing economy. Mode at Ballast Point is situated in the highly sought-after South Tampa area near major employers, entertainment, and outdoor amenities, making it a desirable location for work and play. With the capital improvements plotted for this property paired with our confidence in Tampa’s potential to drive demand for high-quality, affordable apartments, we believe Mode at Ballast Point will be an accretive addition to our value-add real estate portfolio,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Amenities at Mode Ballast Point include: a resort-style pool, private lake and park, an on-site pet park and is minutes from a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily intends to do a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations, and exterior building improvements.

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