The St. Joe Company and HomeCorp have formed a joint venture partnership to create a new apartment management company that will manage the Watersound Origins Crossings and Pier Park Crossings apartment communities in Rosemary Beach and Panama City Beach, Florida, respectively, both of which are joint ventures between St. Joe and HomeCorp.
“This is a natural next step in our relationship with St. Joe,” said Herbert Scheuer, principal of HomeCorp. “Together, we are having success with our apartment communities in Northwest Florida. Going forward, we will be able to jointly manage those projects as well as some of the apartment communities that St. Joe plans to open in the future.”
St. Joe has additional apartment community projects under construction or in the planning stages that are planned to be managed by this new venture.
“We intend to continue to pursue new apartment communities on our land holdings,” said Dan Velazquez, senior vice president of commercial real estate for St. Joe. “This new venture into apartment community management enables us to vertically integrate in this category and to capture more recurring revenue from our projects, while tapping into the management expertise of our partner, HomeCorp.”
St. Joe’s apartment portfolio includes 1,117 units, of which 432 are completed and are 99% leased, with an additional 685 units under construction. Additional apartment communities are in the planning and engineering stages.
