SOUTHTOWNE SOLD

Studer Properties has sold the downtown Pensacola apartment development known as Southtowne for almost 61 million dollars to Stone Point Capital LLC out of Greenwich, Connecticut. The 258-unit, 50-million dollar apartment complex, opened last year and was listed for sale in July. It was built with construction loans personally guaranteed by Quint and Rishy Studer, the owners of Studer Properties. Andrew Rothfeder, president of Studer Properties, said Southtowne will be in good hands with Stone Point Capital and their property manager, BH Management. Rothfeder said the sale of the building frees up capital to tackle other transformative projects in Pensacola.