21101 Panama City Beach Parkway, Panama City Beach, FL, 32413, US

Sunnyside Apartments

Asset Description

Jones Lang LaSalle Americas, Inc. presents Sunnyside Apartments, a luxury 220-unit community delivered in 2023 in Panama City Beach, Florida. Located along US Highway 98, the Property offers easy access to the area's robust employment centers as well as expansive retail, dining, medical facilities and the area’s nationally-renowned pristine, white-sand beaches.

Sunnyside Apartments is approved for Florida’s Local Act Middle Markets Tax Exemption, providing investors with higher annual cash flow as a result of a dramatically lower tax assessment.

Units feature premium amenities including solid-surface countertops, stainless steel appliances and full-size washers and dryers. Property amenities include a resort-style pool and hot tub, fitness center, clubhouse, dog park and an outdoor kitchen.

Major employers within 25 minutes include Gulf Coast Regional Medical Center, Gulf Coast State College and Florida State University Panama City. The property is 20 minutes from Northwest Florida Beaches International Airport, which served a record 1.8 million passengers in 2024 and generates over 11,000 jobs in the region.

Panama City Beach's Gulf Coast location attracts millions of tourists, with Sunnyside just 10 minutes from Pier Park, a major shopping destination with over 2MSF of Class-A retail including national anchors, dining establishments and numerous opportunities for family recreation.

The area is the second-fastest growing metro in the USA (3.8% growth 2023-2024), positioning Sunnyside for strong growth potential in the nation’s most desirable state for multifamily investment.

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Attributes

Number of units

220

Year built

2023

Investment strategy

Core Plus

Media

Investment Highlights

Live Local Tax Benefit

Sunnyside Apartments qualifies for The Live Local Act, which offers a 75% ad valorem tax exemption on units designated for households earning up to 120% of the Area Median Income. This significantly reduces the property's assessed value and generates substantial tax savings.
Sunnyside Apartments has been fully approved for The Live Local Tax Benefit, having submitted 74 120% AMI units to the state in 2025 and will receive a LOWER TAX BILL.

Discount to Replacement

Rare opportunity to acquire a new construction asset at a significant discount to replacement cost as high interest rates and construction costs continue to stifle new development opportunities.

#2 Fastest Growing MSA

Opportunity to acquire an asset in the second-fastest growing metropolitan area in the United States. Panama City saw 3.8% growth from 2023 – 2024 and the area’s pristine beaches, ample job opportunities and lower cost of living compared to the Florida peninsula will keep people coming.

No New Supply

With only 527 units delivering in Panama City Beach in 2025-2026 and no under construction developments following in the submarket, the diminishing supply wave will lead to strong rent growth throughout the holding period of the asset.

Adjacent to 30A

Sunnyside’s is the closest apartment complex in Panama City Beach to nearby 30A and Walton County, offering the best access to the area for residents at a discount to Walton County real estate.

Incredible Job Drivers & Retail Nearby

The strength of the location of Sunnyside cannot be overstated with millions of square feet of top-tier retail and entertainment within 10 minutes, along with the area’s newest hospital and emergency care center. Port Panama City and Gulf Coast State College are also 20 minutes from the property.