Sold December 2020
Spring Valley Club is a 160-unit Class-B suburban apartment community located in the Panhandle of North Florida in Panama City. The property's location is considered irreplaceable with excellent access to major thoroughfares, employment centers, retail destinations, educational centers, and recreational amenities. Gulf Coast Regional Medical Center and the Panama City Mall are both within minutes of the site. Property features include a clubhouse, fitness center, business center, swimming pool, spa/sauna, and controlled building access.
Spring Valley Club was developed in 1987 and consisted of 160 apartment homes ranging from 700 square foot one-bedrooms to 1200 square foot three- bedroom three bath floorplans. Individual residence features include a microwave oven, refrigerator, stove and cooktop, washer/dryer connection, faux-wood flooring, ceiling fans, and walk-in closets.
Hurricane Michael inflicted significant damage to Spring Valley Club in 2018. A reconstruction program totaling $12.4M returned the property to full occupancy by late 2019.
ApexOne Growth and Income Fund II purchased Spring Valley Club and will hold long-term to capture growth and appreciation.