A Boston, MA-based investor, Stratford Management Company, has purchased Pinnacle Pointe Apartments, a 150-unit apartment community in Crestview, FL. Donald Gambril with Birmingham-based Harbert Multifamily Advisors represented the Seller in the transaction.
The property sold for $14,893,000, or $99,287 per unit. Built in 2010, the three-story, garden-style property consists of one, two, and three bedroom units. Community amenities include a pool, clubhouse, fitness center, outdoor grilling stations, garage and storage units, and a dog park. Gambril stated, “Pinnacle Pointe is an extremely well-maintained asset with an impressive operational history. The former ownership group consistently increased revenue through diligent management. Additionally, Crestview is benefitting from strong economic growth in the Florida Panhandle. The new ownership group is excited to add this high-quality asset to its growing Gulf Coast portfolio.”