Tellus Partners, along with its partner, Varden Capital, are developing a multifamily project in Panama City, FL. The total project will consist of 288 units. The Sponsorship team believes this is an excellent opportunity to capitalize on developing a property in one of the strongest submarkets in Florida Panhandle.
The partnership views this as an excellent opportunity to deliver a market rate apartment community in an area that is primed for rapid growth. The site is ideally positioned to capitalize on its location within the expanding market of Panama City that has realized 51.6% rent growth over the past 10 years and shows no signs of slowing as forecasted rents are projected to rise another 15.1% by 2027.
Multifamily demand here also benefits from Panama City’s premier coastal location in Florida’s Panhandle. Roughly 11 million tourists visit the area per year which helps drive demand for employment and multifamily in the market area. Panama City pulls heavily from strong government, medical, banking, leisure, hospitality, and retail employment throughout the area. Panama City is still booming and will continue to do so for the foreseeable future.