PANAMA CITY BEACH, FL – The St. Joe Company announced the completion of the second phase of Pier Park Crossings, an apartment community in Panama City Beach, Florida. Along with joint venture partner HomeCorp, St. Joe started construction on the 120-unit phase in December 2019. The now completed 360-unit apartment community is approximately 93% leased. St. Joe has three additional apartment communities currently in various stages of construction.
Also in partnership with HomeCorp, St. Joe recently completed construction on four of the plotted 13 buildings at Watersound Origins Crossings, a luxury apartment community near the Watersound Town Center. A significant number of the completed units have been leased and the companies anticipate completing the remaining buildings in phases this year, making those additional units available for lease as they are completed.
Currently, under construction near the Breakfast Point community in Panama City Beach is Sea Sound Apartments, a plotted 300-unit apartment community being built by St. Joe and joint venture partner Flournoy Development Company. The companies started construction on the four buildings that will feature one, two and three-bedroom units as well as a resort-style pool, wellness and health studio and other amenities in 2020 and anticipate the first residents moving in later in 2021.
In Panama City, St. Joe broke ground in November 2020 on a plotted 240-unit apartment community off Star Avenue near the growing State Road 231 corridor. In addition to one- and two-bedroom apartment units, plans call for this community to feature three-bedroom townhome-style units making them ideal for working families as Panama City continues to recover from the housing shortage made by Hurricane Michael in October 2018.
With apartment communities in different parts of Northwest Florida at varying price points, we are able to attract a wide breadth of residents looking for apartment living in our region, said Dan Velazquez, Senior Vice President of Commercial Real Estate for St. Joe. As we add to our apartment community portfolio we are mindful of differentiating our offerings to suit the needs of the surrounding area of each project.
Our apartment communities feature nearly 400 completed units that have leased up quickly. In many cases, we have residents moving into apartments as soon as they are completed, continued Velazquez. Upon completion of our apartment communities that are currently under construction, we will have a portfolio of 1,117 apartment units in Northwest Florida. We anticipate the market demand that we ve been experiencing to continue as the region grows and we will explore additional apartment community projects to meet that demand where available.
Our growing portfolio of apartment communities aligns with our strategic plot of developing assets that make new streams of recurring revenue, said Jorge Gonzalez, President and CEO of St. Joe. The leasing activity that we ve seen to date is very encouraging and a positive indicator for our future plans in the apartment community market.

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FORT LAUDERDALE, FL – CanAm Enterprises announced that its private equity affiliate, CanAm Capital Partners (CACP), has closed on its latest real estate investment – $3 million from redeployed investor capital that has been successfully invested into Pacific Point Apartments in Fort Lauderdale, Florida to fund the repositioning of a 420-unit apartment community by the Frankforter Group.
CanAm Enterprises is a leading full-service financial firm sponsoring EB-5 immigration-linked investment funds. The $3 million in capital was originally part of a $350 million EB-5 loan provided for the construction of the Brightline high-speed rail line in South Florida. The redeployed capital will remain invested in the Pacific Point project to meet program requirements for EB-5 investors impacted by immigration backlogs.
We are pleased to close on this investment in partnership with the Frankforter Group which has successfully executed this value-add strategy in the past, and we expect to realize solid risk-adjusted returns for our investors. says John Reid, Director at CACP. This closing marks $103 million in closed investments of our $220 million redeployment mandate within the state of Florida. We are in discussions with several other sponsors in Florida for the remaining $117 million of capital available within this pool and expect to fully deploy in the coming months
Florida is one of the fastest-growing states by population in the country, and Pacific Point Luxury Apartments is a Class A property that combines both luxury and location. The property is conveniently located in Broward County between Florida s Turnpike and I-95, in close proximity to both downtown Ft. Lauderdale and the Pompano Beach business district. The property offers high-end contemporary units along with amenities that include a resort-style pool with spa, fully-equipped fitness center and a 36-seat, high-definition movie theater.

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HOUSTON, TX – Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community – Alta West Alabama – in Houston, Texas. Leasing is currently underway at the community.
Located at 3623 W Alabama St., the new community is centrally located between the River Oaks, Highland Village, Greenway Plaza, and Upper Kirby neighborhoods, placing it in one of Houston’s most sought-after submarkets. The community is also in close proximity to Interstates 69 and 610, easily connecting it to the rest of the Greater Houston area.
Alta West Alabama has best-in-class amenities and features that will provide an A-class living experience, setting the community apart in the market. The community’s 304 units feature a mix of one, two and three-bedroom floor plans with open-concept designs. The apartment homes feature stainless steel appliances, gas cooktops, quartz countertops, and full-size washer and dryers.
The community also has numerous amenities to maximize both indoor and outdoor living. Outdoor living amenities include two courtyards, the first featuring a large resort-style swimming pool and outdoor kitchen, and the second offering a tranquil outdoor environment. Indoor amenities include a luxurious clubroom, a business center with conference space, as well as a gaming lounge and sky lounge that features a billiard table and other games for residents to delight in.
“Adjacent to River Oaks, Alta West Alabama is in one of Houston’s most prestigious locations that offers residents simple access to everything Houston has to offer from first-class restaurants and retail to a variety of employment opportunities,” said Bart Barrett, Managing Director at Wood Partners.
The Houston area is home to some of the most dynamic economic hubs in the region. A small commute away from Alta West Alabama are a number of job centers, including Greenway Plaza, the city’s downtown core, the Galleria, The Texas Medical Center and the Energy Corridor.
Recreational opportunities and attractions in the area include world-class retail in Highland Village, the River Oaks District, and Upper Kirby. Other nearby entertainment options include numerous museums like the Houston Museum of Natural Science and The Museum of Fine Arts, the Houston Zoo, hiking in Memorial Park, a wide range of golf courses, and the Color Factory of Houston. The community is also close to a wide range of restaurants, shopping and historical sites. Additionally, the location provides simple access to several grocery options including Central Market, Whole Foods, Costco and H-E-B. The Galleria is located nearby and offers a number of high-end retailers including Saks Fifth Avenue, Gucci, Louis Vuitton and more.

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