SEACREST BEACH, FL - Capstone Collegiate Communities (C3) has tapped The Premier Property Group to represent its latest condominium conversion project, The Lofts at Seacrest Beach. Capstone acquired the 120-unit luxury apartment complex, located between WaterSound Origins and 30Avenue, in October 2017, a few months after construction was complete, and filed a formal condominium conversion prospectus with The Division of Florida Condominiums, Timeshares and Mobile Homes earlier this year. Approval was received Friday, April 6 for Premier to release the one-, two-, and three-bedroom residences for sale as fee-simple condominiums from the mid-$200,000s. It is the third condominium conversion project for the Birmingham, Alabama-based company, which specializes in high-end, off-campus student housing across the country.
"Having a place here, I was naturally drawn to the opportunity; but we were all impressed by the quality of both the design and construction," said company spokesperson, Rob Howland, who also owns a second home in Walton County. He, along with John Vawter and Ben Walker, is one of Capstone's three principals. "Being so close to Alys Beach and Rosemary Beach, we couldn't have asked for a better location, but we are probably most excited about the 30A beach access, especially at this price point," he said. The Lofts has a protective easement through the Seacrest Beach beach access.
As part of the condominium conversion process, the group made a conscientious decision to limit future rentals to 90 days or more. "We were really struck by the strength of the demand and how closely knit the residents are," said Capstone vice president, Jim Beatty. "We just felt like we were on to something special by not catering to short-term rentals, so we decided to keep it that way."
The community's 120 residences feature 17 different floor plans ranging in size from 586- to 1393-sf. They are laid out in two, four-story, access-controlled buildings, one with 52 residences and the other with 68. The latter wraps around a resort-style swimming pool and fully furnished outdoor living area with poolside fire pit, large screen TV, grilling area, and summer kitchen. Four comfortably furnished interior community rooms include club room with fireplace; clubhouse/event room with cyber cafe, kitchen, and Starbucks® coffee maker; big-screen TV lounge; and conference room. A 24-hour fitness center is equipped with Star Trac cardio, Tag, and Nautilus free weight systems.
Sixteen of the 17 floor plans come with a dedicated hallway storage closet directly outside each condo with trash chutes on each floor. Twenty separately priced garages in two contiguous structures will also be offered to condominium buyers on a first-come basis, and a la carte furnishings packages will also be available.
The release represents a competitively priced housing alternative, as well as, an immediate revenue stream for prospective landlords/rental property buyers through pre-conversion carryover leases. Attractive financing terms are available through BancorpSouth's portfolio products, including its Right@Home program for income-qualified home buyers.