December 18, 2020

FaverGray Breaks Ground on 320-Unit Luxury Multi-Family Development in Panama City Beach, Florida

PANAMA CITY BEACH, FL., (December 18, 2020) – FaverGray celebrates the groundbreaking of Panama Flats, its most recent multi-family community featuring 320 luxury apartment homes and amenities designed to deliver resort-style living to Panama City Beach, Florida.

FaverGray is excited to partner with 360 Residential, Stockbridge, Mill Green Partners, and Gary B. Coursey Architects, with financing provided by Iberia Bank, on a community that will offer individuals and families first-class apartment living.

“Panama Flats will be the Florida Panhandle’s premier resort-style apartment community located on the beach. The luxury finishes, expansive high-end amenities, gulf views, and direct walkable access to the white sands and emerald waters will set Panama Flats apart from all other luxury rental communities. Panama Flats will be a 4-story wood-framed, elevator serviced, surface parked product and will offer long term leases. We are excited to bring this differentiated product to Panama City Beach. What makes this product special is that it is the only development of its kind of the gulf coast that is truly walkable to the beach and positioned between two large public beach access points,” shares Taylor Hawke, Vice President of Development at 360 Residential.

“A tranquil oasis, only a few minutes’ walk from the beach, the newest GCA apartment development is a gem within the Panama City Beach community. With façades inspired by the genteel northeast coastal forms, this 320-unit multi-family property boasts 5 apartment buildings, featuring Studio, 1, 2, and 3-bedroom floor plan options. All units provide spacious, open living areas with chef-inspired kitchens equipped with stainless steel appliances. Centered around a breathtaking resort-style pool, the Clubhouse and several amenity buildings, offer residents multiple opportunities to meet and connect in various indoor and outdoor settings. Maintaining security as a priority via a property-wide secure access-control, GCA designed to the aesthetic and functional goals of the Owner, to serve residents, and to create an aspirational, sophisticated community,” shares Gary Coursey, CEO of Gary B. Coursey Architects.

The Panama Flats project is located on a 21.7-acre site under a quarter mile from the beach. Site improvements will consist of water, storm, and sewer utilities that will tie into existing public utilities. The site improvements will also include resort-style hardscaping, landscaping and irrigation, asphalt paving, concrete sidewalks, a wooden boardwalk, and two detention ponds.

The 320-unit development consists of five 80,000 SF four-story apartment buildings, two 16-bay detached garages, and three 8-bay detached garages including one with a covered pet wash. The development also includes one 3,500 SF leasing office building, one 6,700 SF clubhouse with a 1,750 SF fitness room and outdoor living area, and a resort-style arc-shaped pool. Other amenities include an outdoor natural gas fire pit, dog park, four pool cabanas, a 2,100 SF pool pavilion with bar, eight gas grills, and two Big Green Egg ceramic charcoal barbecue cookers.

Construction will generally be wood frame with fiber cement siding and a 3′ brick veneer on the clubhouse and leasing office. Roofing will consist of architectural style asphalt shingles and standing seam metal on the pool cabanas/pavilion. All building slabs will be post-tensioned concrete, on grade. Interior finishes will consist of painted drywall walls and ceilings with a textured finish, and a mixture of luxury vinyl plank flooring and carpet in units. Thermofoil cabinetry and trim with granite countertops will be installed in all kitchen and bath areas. All units will have stainless steel appliances with a full-size washer and dryer.

About 360 Residential
Based in Atlanta, GA., 360 Residential is a hands-on, opportunistic boutique development company that is committed to building best in class assets in high barriers to entry markets with excellent access and drive-by visibility. The principals of 360 Residential bring over 50 years of combined hands-on experience in multifamily development, construction, and management. The core business of 360 Residential is the development of projects in high barriers to entry major metropolitan areas. The key markets of focus are South Florida and Atlanta. Project sites are selected based on long-standing industry-wide fundamental criteria including proximity and access to diverse job markets, retail and entertainment venues, and strong local school systems. Population growth, household formation and supply, and demand metrics are heavily considered in each 360 Residential development. A key element to the company’s strategy is its focus on locations where there are high barriers to entry such as the limited supply of available land for development or zoning or other restrictions that constrain the delivery of competitive supply in the future. Disciple to adhering to these key metrics are time tested and have served the 360 Principals well through several economic cycles. Additionally, 360 Residential’s hands-on approach has proven to yield superior products in each of its local submarkets. 360’s design team prides itself on committing an extraordinary amount of time upfront to design every detail and finish aspect for each project to provide the best residential experience possible. Each individual site plan, amenity package, and unit mix are carefully crafted from scratch with the goal of meeting the needs of an ever-growing dynamic rental base blended with individual features intended to capture the culture and flavor unique to each submarket.

About FaverGray
FaverGray is a full-service general contracting firm that specializes in multifamily, student housing, and senior living construction. Since 2005, FaverGray has completed more than 100 projects on time and within budget, across 15 states for multi-family, student housing, and senior living communities. FaverGray’s mission is to deliver success by offering creative solutions, providing a fully integrated team from concept to completion, and exceeding client expectations. Learn more at www.favergray.com

About Gary B. Coursey Architects
We are an innovative firm strongly committed to the belief that all architecture enriches daily life. We feel that a successful project begins with a team effort between the client and the architect. Using this “team approach” enables us to address from the beginning the practical, creative, and financially feasible solutions for a successful project. We have a strong project organization and hands-on participation of our firm principles. The buildings we design vary in expression to reflect a particular response to each client’s unique needs, site conditions, and climate, yet they are all the result of a consistent design methodology. Our highest accolade is our clients to whom we have delivered successful projects and continue to return to us for design services.

About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $18.4 billion of assets under management (as of September 30, 2020) spanning all major real estate property types, and certain specialty property types, throughout the United States.