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Wednesday November 13th, 2019 6:23PM

CF Real Estate Services Re-Opens Palm Vista, Formerly Known as Pine Terrace, After Hurricane Causes Catastrophic Damage Last October

By The Associated Press

ATLANTA--(BUSINESS WIRE)--Jul 30, 2019--

(CF), a leader in the investment, development, and management of multifamily properties across the country, announces the re-opening of Palm Vista, formerly known as Pine Terrace, after the catastrophic damage caused by Hurricane Michael in October of 2018. Nearly every building was deemed uninhabitable, and almost all of the residents were displaced for an extended period of time. Hurricane Michael was one of the most devastating storms to hit the United States in more than 25 years and caused 60% of all dwellings in Panama City to be destroyed.

Once the area was reachable, a general contractor working in conjunction with CF arrived onsite just days after the hurricane hit the Florida Panhandle to begin the process of clean up and reconstruction of CF’s property. With the quick start of reconstruction, select buildings are expected to be delivered in late July. The delivery of remaining buildings will span over the next few months with additional apartments being debuted every few weeks. While the hurricane made landfall approximately nine months ago, the area is still engulfed by the resulting damage. Florida’s legislation did approve an additional $220 million in 2019 to help with relief efforts for the greater community. As Florida works toward the repairments of their community, Palm Vista is working towards the completion of housing for the community of Panama City.

The on-site team has begun pre-leasing apartments for early August move-ins. Wendy Olsen-Tucker, Regional Vice President for the community, is overseeing the pre-leasing process as both new and former residents return to the property to ensure that the transition goes smoothly for all residents. “Last October’s catastrophic storm impacted all of Panama City and the surrounding areas still have many displaced families. We are making it our mission to bring back comfortable living, and restore hope and vitality to this area,” said Olsen-Tucker.

The new community will feature 148 units comprised of studios, one bedrooms, and two bedrooms. The rates currently are starting at $675 for studios, $860 for one bedrooms, and $1,035 for two bedrooms. The new units will feature white shaker-style cabinetry, stainless appliances in select units, wood like plank flooring, and washer/dryer connections. Once fully restored, the community will offer a dog park, two clothes care centers, and on-site maintenance. The was launched on July 25 and includes a resident portal for the convenience of online rental payments and submitting service requests. The community of Palm Vista is located just minutes away from Tyndall Air Force base, Under the Oaks Park, Shell Island Beach and US HWY 98.

(CF) is an award-winning, multifamily real estate company with properties across the Southeast, Mid-Atlantic, Central, and Midwest regions of the United States. With decades of industry experience, the company has evolved into a leading provider of multifamily services that include property management, asset management, and consulting.

View source version on businesswire.com:

CONTACT: CF Real Estate Services

Ryan Perez, 404-459-6242

media@cfres.com

KEYWORD: FLORIDA GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: REIT RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: CF Real Estate Services

Copyright Business Wire 2019.

PUB: 07/30/2019 08:00 AM/DISC: 07/30/2019 08:01 AM

http://www.businesswire.com/news/home/20190730005261/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia
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