FLORIDA APARTMENTS SOLD FOR MORE THAN $26 MILLION
PANAMA CITY BEACH AND CLEARWATER, FLA. — ECI Capital of Atlanta has purchased the 268-unit Cabana West Apartments in Panama City Beach from an undisclosed seller for $20.5 million. ECI will invest more than $2.5 million to convert the condominiums to rental properties. The complex is 50 percent occupied. John W. Stone and Jason Stanton of Colliers Arnold’s Clearwater office represented the buyer.
Stone and Stanton also represented Denver-based New South at Longbranch I & II in its sale of the 184-unit Longbranch Apartments in Clearwater to Tampa, Fla.-based Wisco I for $6.99 million. Wisco will spend $1 million to upgrade the property, which is 60 percent occupied. NAI Tampa Bay’s John Burpee represented the buyer.