Branch Properties, based out of Atlanta, has announced the purchase of 13 acres in Navarre to build a new multifamily and retail community.
Branch has plans to build a 332-unit apartment community on the property and will sell several outparcels for retail use on the same site. The remaining 7.25 acres will be used for future development plans.
This marks a major expansion of Branch’s multifamily development portfolio in Florida, where the firm already has a presence with several grocery-anchored shopping centers. Branch is currently underway on the development of Merganser Commons at Dogwood Estates, the first Publix Super Markets-anchored shopping center in nearby Milton, Florida.
The site is located on the northwest corner of Navarre Parkway and SR-87, just a few miles to Navarre Beach access and adjacent to Shoppes of Navarre, a Publix-anchored shopping center. The future units will feature a mix of one-, two- and three-bedroom layouts.
“Over the past 18 months, the migration to the Sunbelt has been accelerated by the pandemic, and Navarre itself has experienced a lot of this growth in both its population and in opportunities for new multifamily and retail development,” said Branch Development Director Jack Haylett. “As we seek to expand our multifamily development portfolio across the Southeast, we look forward to the completion of the development and delivering a top-of-the-line residential offering to the Santa Rosa community.”
Navarre is the second largest community in the Pensacola-Ferry Pass-Brent MSA and has grown immensely in the past decade. Known for its miles of white sand beaches, Navarre is one of the top tourist destinations in northwest Florida and has accounted for 25% of the county’s growth since 2010, with around 20,000 people projected to move to the area by 2045.
While Branch is predominantly retail-oriented, the firm has expanded its multifamily portfolio over the past two decades to include a total of 2,500 units and completed more than 11 ground-up developments. Branch’s multifamily strategy centers around identifying opportunities to develop thoughtfully designed, Class-A assets in key primary and secondary markets throughout the Southeast. In April, Branch announced the sale of a 313-unit luxury multifamily community Elevate West Village in Cobb County, Georgia, for $96.5 million. Other past projects include the Camden Midtown Atlanta and The Orleans of Decatur in Decatur, Georgia.
About Branch Properties
Founded in 1973 and based in Atlanta, Branch Properties, LLC is a private real estate investment firm specializing in the acquisition and development of both grocery-anchored shopping centers and strategic multifamily assets across the southeastern U.S. Branch and its affiliated companies have acquired, developed and managed over $2.5 billion of commercial real estate, accounting for more than 12 million square feet of leasable space and 2,500 multifamily units in total. Branch’s investment acumen, operating experience, market relationships and access to capital enable it to source and execute attractive risk-adjusted investment opportunities on behalf of its partners.
In addition to Branch’s multifamily portfolio, the firm is primarily involved in the acquisition and development of essential grocery-anchored shopping centers across the Southeast. Several of Branch’s multifamily assets are situated within larger mixed-use projects, creating a cohesive live-work-play environment and a walkable, well-connected community with a mix of key retail offerings. Branch is currently underway on the development of several Publix Super Market-anchored retail projects slated to deliver later this year, including Hugh Howell Marketplace in Tucker, Georgia; Perimeter Marketplace in Dunwoody, Georgia; Summerhill Station in Southwest Atlanta, Georgia; Moncks Corner Marketplace in Moncks Corner, South Carolina; The Market at Hays Farm in Huntsville, Alabama; and Merganser Commons at Dogwood Estates in Milton, Florida.
