Riviera Place Apartments

Highlights:

• - 42,000 SF low-rise/garden building
• - 55 modern and spacious units
• - Recent 2023 renovation including new metal roofs
• - Assumable Freddie Mac loan at 3.54% w/ approx. 6 years remaining
• - Low maintenance hard coat stucco exteriors, freshly painted in 2023
• - Impressive 95% occupancy rate

Description:

Introducing a prime investment opportunity in Northwest Florida! Discover a meticulously renovated 42,000 SF, 55-unit multifamily gem, boasting a prime location zoned for Multifamily use. This property is a beacon of opportunity, with a track record of exceptional performance evidenced by its impressive 95% occupancy rate. Featuring modern amenities and thoughtful design, this low-rise/garden property represents a compelling prospect for prospective investors seeking a turnkey opportunity in the flourishing Northwest Florida market.

Current in-place ASSUMABLE Freddie MAC first mortgage:
Origination: March 24, 2022
Loan Amount: $3,120,000
Term: 10 yrs.
Amort: 30 yrs.
Rate: 3.54%

Don't miss your chance to add this high-performing asset with below market debt to your portfolio!

DeFuniak Springs is experiencing significant growth as North Walton County continues to attract new residents, employers and investment. U.S. Census Bureau estimates place the city's 2025 population at approximately 7,338—up 24.1% from 2020—while Walton County grew approximately 23.9% to more than 93,000 residents.

Public and private investment continues to support that expansion. DeFuniak Springs Municipal Airport opened a new $8.4 million terminal in 2025, with additional runway, hangar, taxiway and apron improvements underway. City officials anticipate the broader airport initiative could support nearly 500 jobs over the next decade.

Nearby Northwest Florida Commerce Park added a new Amazon distribution operation in 2026, supporting more than 100 jobs through Amazon and its logistics partners. Healthcare investment has also expanded with the opening of the new $19 million HCA Florida DeFuniak Springs Emergency facility near Interstate 10 and U.S. Highway 331.

With strong population growth, expanding employment, strategic I-10 and US 331 access, and continued investment in aviation, healthcare and logistics, DeFuniak Springs offers multifamily investors exposure to a growing Northwest Florida market while maintaining the affordability and small-town character that continue to attract residents.

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