Apalachicola, FL – Ashland Financial LLC, and affiliate of Edgewater Group LLC (“Edgewater”), is pleased to announce the acquisition of The Water Street Hotel & Marina (Water Street), by Panhandle Investments LLC. The acquisition encompasses 23 of the 30-unit condo-hotel. Opened in 2008, this approximately 80,000 square foot property boasts spacious one and two bedroom suites, an outdoor pool, conference room, fitness center and 20 marina boat slips. The condo-hotel is situated on an estuary of the Apalachicola River in Apalachicola, a town in the Florida Panhandle that has a strong maritime culture, an eclectic group of locally owned shops, art galleries and restaurants.
The property was purchased from Cadence Bank for $3.5 million. Financing was provided by Centennial Bank.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.