Cushman & Wakefield has arranged the $11.4 million sale of Sandalwood, a 144-unit apartment community located in Pensacola, Florida. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, SB Pacific Group, LLC, in the transaction. An affiliate of the Hallmark Companies, Inc. acquired the property.
“Sandalwood’s combination of Highway 98 visibility, proximity to employment/military outposts and heavy value-add potential made for an attractive investment opportunity,” Jacobs said. “This property’s submarket has historically been supply constrained, making existing multifamily assets with room for improvements highly sought after. New ownership plans to upgrade both interiors and exteriors to poise Sandalwood as a top player in the surrounding rental market.”
Built in 1985, Sandalwood offers an excellent value-add opportunity for its new owners, validated by strong performance trends and its set of nearby competitors. Amenities include a swimming pool, bark park, fitness center, basketball court, picnic area with grills and a business center.