'A NEW LUXURY': Alexan Henderson Beach apartments forge ahead in tough market

Even in Destin’s current real estate market, Alexan Henderson Beach has what it takes to succeed, Alan Kolar of developer Trammell Crow says.

Despite all the single-family and condo development in town, “the Destin area has not seen a new luxury, rental apartment community since Trammell Crow Residential built Legacy on the Bay back in 1999,” Kolar, the senior managing director at Trammell Crow Residential, told The Log. “There is still demand in the area for a professionally managed and well-appointed rental community.”

The community in question, Alexan Henderson Beach, opened along Commons Drive in July.

Based in Atlanta, Trammell Crow specializes in multifamily development projects. According to tcresidential.com, it has developed over 200,000 apartments and condominiums across the country since it was formed in 1977.

The company currently focuses on rental properties because of overbuilding in the condo market.

“Home ownership is no longer ideal for everyone, nor is it viewed as the only means of investment,” the site says.

“In recent years, many people, particularly young professionals, have decided that renting is the best option for them in order to maintain liquidity and geographic flexibility for job changes as well as to avoid debt.”

The site says Trammell Crow created the Alexan brand to provide “unique, upscale apartment communities.”

Kolar said two of the five apartment buildings planned for the 340-unit project are now open, and the remaining three will be finished by March 2010. He said leasing has been strong this summer, with 54 percent of the apartments occupied; a majority of residents are tourism or retail employees, along with military personnel, retirees and seasonal out-of-state visitors.

Brad Gill of Alexan’s sales office said the studio apartments start at $780/month, one-bedroom apartments at $855, two-bedroom at $1,113.

Despite the sluggish economy, Kolar said, “Alexan Henderson Beach should continue to succeed due to its superior location off of Highway 98 on Commons Drive and resort-style resident amenities, including a business center, Internet lounge, fitness center, club room with billiards and flat screen televisions and large lake-front pool area with an expansive sundeck, hammocks and fire pit.”