KISSIMMEE, FL – Sage Park Helped Living and Memory Care, a 128-unit upscale senior living community, is officially open and welcoming residents to their new home in Kissimmee, Florida. Watercrest Senior Living, the operator, recently celebrated the project’s completion with developer, Providence One Partners, at a ceremonial ribbon cutting attended by over 200 community partners, associates and prospective residents.

The newly built community, constructed by Williams and Company, received their license approval over the Thanksgiving holiday weekend and are currently scheduling the go-in of joyful residents who have keenly anticipated this day.

Sage Park Helped Living and Memory Care features 104 helped living and 24 memory care apartments with gracious accommodations and exceptional amenities in a thoughtfully plotted senior living community. Residents will delight in state-of-the-art wellness programs, savory dining and outstanding care, all tailored to individual resident preferences. 

“We are thrilled to welcome residents to this gorgeous, new community and so thankful to the Sage Park leadership team, our dedicated Watercrest associates, and our local community leaders who pulled together to help us reach this exciting end line,” says Kerry Thurston, vice president of operations for Watercrest Senior Living Group.

Watercrest Senior Living Group is a certified Fantastic Place to Work, founded by Marc Vorkapich, CEO and Joan Williams, CFO, to honor our elders and develop servant leaders. Watercrest associates are committed to positively influencing the fulfillment of hometown needs through Common Unity Initiatives which inspire a sense of community.  

Sage Park is conveniently located at 1701 Ball Park Road in Kissimmee’s Osceola Corporate Center. The neighboring area offers a multitude of workspaces, residential neighborhoods, and plentiful retail and entertainment centers to offer seniors a diverse and enriching lifestyle. To schedule a tour, contact Jennifer Lopez, community relations director, at 407-900-2840.

“Watercrest is committed to serving our seniors with exceptional care and brilliant service tailored to individualized needs,” says Marc Vorkapich, principal and CEO of Watercrest Senior Living Group.  “As we welcome new residents to Sage Park, we celebrate the opportunity to serve even more seniors and remain focused on positively impacting Osceola County through common unity partnerships, job creation and advanced training opportunities.”

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DESTIN, FL- Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development, and management of commercial properties throughout the U.S., has bought Sea Glass Apartments, a Class AA, 288-unit apartment community in Destin, Florida for $63.3 million.

The apartment community is located in the Crestview-Fort Walton Beach-Destin MSA, which boasts the lowest unemployment rate in the state of Florida, according to the U.S. Bureau of Labor Statistics.  Additionally, the MSA posted some of the most consistent and lowest state-wide MSA unemployment rates over the last ten years, and remained especially strong through the downturn, according to Colin Gillis, Vice President of Acquisitions for Passco. 

“Destin has experienced strong and consistent year-over-year job growth in addition to recording the highest nonfarm payroll employment growth in the entire state of Florida,” says Gillis. “This influx of new jobs is driven largely by the leisure and hospitality increases in the market, expansions in medical and education sectors serving the explosive population growth, and large increases in defense spending, benefitting the three military bases in the area, including Eglin AFB, one of the largest military installations in the world. Collectively, these military facilities use nearly 100,000 personnel.  Large technology and defense contractors have also expanded in the region including companies such as Boeing, BAE Systems, Lockheed Martin and L3 Technologies.” 

Sea Glass Apartments is located in the heart of the “Emerald Coast,” known for its white-sand beaches and emerald green waters, attracting more than four million visitors each year. The apartment community is located in the Okaloosa County School District, which is ranked second in the state of Florida, as well as within walking distance of primary retail destinations, and directly across from Henderson Beach State Park, which includes 6,000 feet of natural scenic shoreline along the Gulf of Mexico. 

“Sea Glass is a one-of-a-kind project in an brilliant location within a market that has exhibited huge pent-up demand for luxury multifamily product. The property leased up at a record pace, reaching 100% occupancy in less than seven months with no concessions.  Effective rents at the property are extremely impressive, and in many cases, they exceed rent levels for similar luxury assets in the more well-known Florida markets like Tampa and Orlando.  Additionally, the barriers-to-entry in this market are very strong on all fronts – physical, political and financial,” added Gillis.

Constructed in 2017, Sea Glass Apartments features best-in-class amenities including a resort style swimming pool with a pool chiller, fitness studio, grand clubroom with billiards and media center, breakfast bar, indoor/outdoor bar area, package concierge and a business center.

Passco bought the property from Atlanta-based multifamily real estate development firm, Catalyst Development Partners.

“Sea Glass Apartments is an exceptional asset and we are glad that we had the opportunity to work with the Passco team on this deal,” says Rob Meyer, Partner at Catalyst Development Partners. “Their entire team made the process seamless, and we know this property will be an brilliant addition to their portfolio.”

The apartment community is located at 4320 Commons Drive West in Destin, Florida. It features a mix of studios, one-, two-, and three-bedroom floorplans. The JLL Florida Capital Markets team of Matt Wilcox, Jubeen Vaghefi and Denny St. Romain brokered the transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

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ATLANTA, GA – Carroll Organization and PGIM Real Estate have continued to advance their multifamily joint venture partnership with three portfolio acquisitions in Raleigh-Durham, Ponte Vedra Beach and Charleston, totaling nearly $600 million. Carroll Organization, acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP, is one of the country’s leading privately held real estate companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc.

These transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To date, these joint ventures have resulted in $2 billion in acquisitions across 45 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina. All of the assets are managed by Carroll Management Group.

“These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to make an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.”

The venture’s latest Southeast multifamily investments include:

Eight-Property Portfolio in Raleigh-Durham

An eight-property, 2,883-unit multifamily portfolio located in the Raleigh-Durham area.

The portfolio includes: Copper Mill in Durham; Meadows at Kildaire in Cary; Oaks at Weston in Morrisville; Spring Forest in North Raleigh; Crest at West End in Carrboro; and Reserve at Lake Lynn, Walnut Creek, and Woodland Court in Raleigh.

Two-Property Portfolio in Ponte Vedra Beach

An adjacent two-property, 480-unit multifamily portfolio located in Ponte Vedra Beach, Florida.

The portfolio includes Soleil at Ponte Vedra Beach and Seaglass at Ponte Vedra Beach.

Three-Property Portfolio in Charleston

A three-property, 680-unit Class B multifamily portfolio in Charleston, South Carolina.

The portfolio includes Cooper’s Pointe Apartments, Springhouse Apartments and Hibben Ferry Apartments.

“These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has made a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans. The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We are thrilled to continue our positive momentum with PGIM Real Estate with these acquisitions and look forward to doing more business together in 2019.”

The Raleigh, Ponte Vedra Beach and Charleston acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

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