7591 US 98, Pensacola, FL.
Hunter’s Pointe is a 204-unit garden style apartment complex located in Pensacola, Florida. Hunter’s Pointe is our third acquisition in Pensacola, Florida. The property was built in 1986 and was acquired by Strategic Holdings on November 13, 2020. Hunter’s Pointe was purchased from the same seller as Water’s Edge, which we acquired earlier in the year, and was not marketed to the public. We negotiated directly with the seller so there were no broker commissions and no competition from other buyers.
We will be doing moderate renovations to all of the unit interiors as well as some exterior enhancements to the property. We are planning to upgrade each unit with new granite countertops and approximately 125 units will receive new cabinets faces and stainless-steel appliances. New roofs are currently being installed along with new perimeter fences, and grilling stations will be completed in early 2021.
The Pensacola Area has seen little effect on housing prices due to COVID as apartment rents continue to soar. Average rents at Park on the Square (our first Pensacola acquisition) have increased from $1010 in February 2019 when we closed, to $1,139 today. The local economy, fueled by Naval Air Station Pensacola, is stable and growing. In addition, there’s an increased demand for housing as more people are moving to Florida. We believe that Hunter’s Pointe has the potential to be a strong performing property over the next five years.