{"id":502824,"date":"2021-06-10T16:08:17","date_gmt":"2021-06-10T20:08:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-st-joe-company-enters-the-apartment-management-business-through-a-joint-venture-with-homecorp\/"},"modified":"2021-06-10T16:08:17","modified_gmt":"2021-06-10T20:08:17","slug":"the-st-joe-company-enters-the-apartment-management-business-through-a-joint-venture-with-homecorp","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-st-joe-company-enters-the-apartment-management-business-through-a-joint-venture-with-homecorp\/","title":{"rendered":"The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp"},"content":{"rendered":"

<\/p>\n

The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp<\/b><\/p>\n

PANAMA CITY BEACH, Fla.–(BUSINESS WIRE<\/a>)–
\nThe St. Joe Company (NYSE: JOE) (\u201cSt. Joe\u201d) and HomeCorp today announced the formation of a joint venture partnership to create a new apartment management company. The new company will initially manage the Watersound Origins Crossings and Pier Park Crossings apartment communities, both of which are joint ventures between St. Joe and HomeCorp.\n<\/p>\n

\n\u201cThis is a natural next step in our relationship with St. Joe,\u201d stated Herbert Scheuer, Principal of HomeCorp. \u201cTogether we are having success with our apartment communities in Northwest Florida. Going forward we will be able to jointly manage those projects as well as some of the apartment communities that St. Joe plans to open in the future.\u201d\n<\/p>\n

\nSt. Joe has additional planned apartment community projects under construction or in the planning stages that are planned to be managed by this new venture. \u201cWe intend to continue to pursue new apartment communities on our land holdings,\u201d said Dan Velazquez, Senior Vice President of Commercial Real Estate for St. Joe. \u201cThis new venture into apartment community management enables us to vertically integrate in this category and to capture more recurring revenue from our projects, while tapping into the management expertise of our partner, HomeCorp.\u201d\n<\/p>\n

\nIn total, St. Joe\u2019s apartment portfolio includes 1,117 units. Of those, as of June 10, 2021, 432 are completed and are 99% leased with an additional 685 units under construction. Additional apartment communities are in the planning and engineering stages.\n<\/p>\n

Important Notice Regarding Forward-Looking Statements<\/span><\/b><\/p>\n

\nThis press release contains \u201cforward-looking statements,\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding the anticipated activities of this new apartment management venture. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe\u2019s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent filings, as well as the following: (1) the ability of St. Joe to complete its current apartment community projects under construction and (2) the continued interest of tenants in Northwest Florida.\n<\/p>\n

About The St. Joe Company<\/span><\/b><\/p>\n

\nThe St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com<\/a>. On a regular basis, the Company releases a video showing progress on projects in development or under construction. See https:\/\/www.joe.com\/video-gallery<\/a> for more information.\n<\/p>\n

About HomeCorp<\/span><\/b><\/p>\n

\nHomeCorp, a fully integrated real estate organization since 1987, is a recognized leader in the ownership, management, acquisition and development of multi-family residences. More information about HomeCorp can be found on its website at www.homecorpinc.com<\/a>.\n<\/p>\n

\n\u00a9The St Joe Company 2021. \u201cSt. Joe\u00ae<\/sup>\u201d, \u201cJOE\u00ae<\/sup>\u201d, the \u201cTaking Flight\u201d Design\u00ae<\/sup>, \u201cSt. Joe (and Taking Flight Design) \u00ae<\/sup>\u201d, \u201cWatersound Origins\u00ae\u201d<\/sup>, <\/i>and \u201cPier Park\u00ae<\/sup>\u201d <\/i>are registered service marks of The St. Joe Company or its affiliates.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210610005899\/en\/<\/a><\/span><\/p>\n

\nSt. Joe Investor Relations Contact:
\n
Marek Bakun
\n
Chief Financial Officer
\n
1-866-417-7132
\n
marek.bakun@joe.com<\/a><\/p>\n

\nSt. Joe Media Relations Contact:
\n
Mike Kerrigan
\n
Corporate Director of Marketing
\n
1-850-231-6426
\n
mike.kerrigan@joe.com<\/a><\/p>\n

KEYWORDS:<\/b> Florida United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Other Professional Services Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp PANAMA CITY BEACH, Fla.–(BUSINESS WIRE)– The St. Joe Company (NYSE: JOE) (\u201cSt. Joe\u201d) and HomeCorp today announced the formation of a joint venture partnership to create a new apartment management company. The new company will initially manage the Watersound Origins Crossings and Pier Park Crossings apartment communities, both of which are joint ventures between St. Joe and HomeCorp. \u201cThis is a natural next step in our relationship with St. Joe,\u201d stated Herbert Scheuer, Principal of HomeCorp. \u201cTogether we are having success with our apartment communities in Northwest Florida. Going forward we will be able to jointly manage those projects as well as some of the … <\/p>\n

Continue reading “The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-502824","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-st-joe-company-enters-the-apartment-management-business-through-a-joint-venture-with-homecorp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The St. Joe Company Enters the Apartment Management Business Through a Joint Venture With HomeCorp PANAMA CITY BEACH, Fla.–(BUSINESS WIRE)– The St. Joe Company (NYSE: JOE) (\u201cSt. Joe\u201d) and HomeCorp today announced the formation of a joint venture partnership to create a new apartment management company. The new company will initially manage the Watersound Origins Crossings and Pier Park Crossings apartment communities, both of which are joint ventures between St. Joe and HomeCorp. \u201cThis is a natural next step in our relationship with St. Joe,\u201d stated Herbert Scheuer, Principal of HomeCorp. \u201cTogether we are having success with our apartment communities in Northwest Florida. 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