Tellus Partners, along with its partner, Varden Capital, are developing a multifamily project in Panama City Beach, FL. The total project will consist of 268 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 in a premier location. The site is located within the golf cart friendly neighborhood of Tapestry Park within Panama City Beach, where residents will enjoy easy access to schools, the beach, and a multitude of beach front restaurants located on HWY 30A. Additionally, the property is just South of the West Bay within Grand Lagoon which has ample space to enjoy fishing and boating.
Multifamily demand here also benefits from Panama City Beach’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 and Panama City Beach pull heavily from strong government, medical, banking, leisure, hospitality, and retail employment throughout the area. Panama City Beach is booming and will continue to do so for the foreseeable future.