Two Roads Development Sells MultiFamily Property In Panama City For $22.5M

Located in Bay Harbor Islands, the multi-housing land portfolio recently sold for $22,500,000. The portfolio comprises three waterfront condominium development sites on a total of 1.36 acres. The properties already have site plan approval for the development of luxury mid-rise condominiums, each offering upscale amenities. The sites include 9781 East Bay Harbor Dr. spanning 0.26 acres, 9927-9955 East Bay Harbor Dr. covering 0.77 acres, and 10301 East Bay Harbor Dr. on 0.33 acres. Positioned on Biscayne Bay, these properties provide immediate access to dining, shopping, and entertainment venues in Bal Harbour and Surfside, as well as proximity to major employment and education centers.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $22,500,000.00
• Address: 9781 E Bay Harbor Dr, Bay Harbor Islands
• Market: Panama City
• Seller: Two Roads Development
• Seller's Rep: Matthew McCormack(PACE Loan Group), Simon Banke(JLL)

The sale of this property was facilitated by the JLL Capital Markets team, representing the seller, a partnership between Two Roads Development and an institutional equity partner. Leading the sales and advisory team were Directors Simon Banke and Matt McCormack, along with Managing Director Maurice Habif. Banke noted that the Bay Harbor Islands residential market exhibits high demand and limited supply, emphasizing that the existing approvals on these properties will enable rapid development in response to market dynamics.