This site offers investors an opportunity to acquire a fully-entitled site, zoned to allow 120 multifamily units, right in the heart of Pensacola’s booming multifamily market.
Pensacola Ripe for Multifamily Development
Pent-up demand along with job and population growth make Pensacola an ideal target for developers. From 2009 to 2015, only one new conventional property (240 units) was built in Pensacola. During that time, Pensacola added 16,000 non-farm jobs and multifamily fundamentals flourished. Per the 2015 Rock Report, market-wide occupancy is 96.8%, the third consecutive year that occupancy has exceeded 95%, and annual rent growth has averaged 4.7% over the past three years. Furthermore, the area is not slowing down. Led by the expansion at the Navy Federal Credit Union, which is set to deliver an additional 5,000 jobs to Pensacola by 2020, the economy and multifamily market are posed for continued growth in the coming years.
Strategic Central Location Near Major Demand Drivers
• West Florida Hospital – 339 beds/1,200 jobs
• Sacred Heart Hospital – 4,820 jobs
• University of West Florida – 12,808 students
• Pensacola State College – 11,862 students
• Downtown Pensacola
• Port of Pensacola – Deepwater Port
• Pensacola International Airport
• Navy Federal Credit Union – expansion adding 5,000 new jobs by 2020
• Cordova Mall –833,000 SF high-end retail