The Bowline, a 162-unit apartment community in Santa Rosa Beach, Florida, has begun leasing!. Construction is wrapping up and tenants are expected to start moving in next month. Here is where the project stands and why it was built.
The Bowline is a cornerstone investment in CCM Development III fund – and it just hit its inflection point. Construction risk is behind us. Lease-up is ahead of us. For investors in the fund, that’s the sweet spot: the heavy lifting is done, and the upside from leasing is still in front of us.
Project Summary
CCM teamed up with Atlanta-based Brock Built to bring a Class A multifamily community to one of the most sought-after stretches of the Florida Panhandle. Set on 10 acres along Goldsby Road — just half a mile north of US 98 in South Walton County — The Bowline offers one-, two-, and three-bedroom apartments ranging from 707 to 1,248 square feet, alongside a resort-style pool, fitness center, and co-working space.
The first building turnover (including the clubhouse, pool, and Building 100) is targeted for March 2026, with remaining buildings delivering April through July 2026, all ahead of contractual dates. Initial move-ins are expected in April.
The Market
Walton County’s population has grown 20.2% since the 2020 Census, from 75,305 to an estimated 90,547 in 2025. That growth rate is more than double the statewide average of 8.5% over the same period.
Employment has also grown steadily. From 2023 to 2024, the number of employed residents grew 4.2%, from 36,400 to 37,900. The largest employment sectors are retail trade (4,625 workers), accommodation and food services (3,983), and construction (3,790).
Average rent in Santa Rosa Beach currently sits at $2,800 per month and has held flat year-over-year. This rent stability has persisted even as the Crestview-Fort Walton Beach-Destin MSA (the metro area encompassing Walton County) saw unemployment rise from 3.3% to 5.0%. At the county level, Walton County’s own unemployment rate averaged 3.8% in 2025, below both the MSA and the statewide rate of 4.0%.
What Leasing Means at This Stage
In a development deal, leasing is the inflection point. The project stops consuming capital and starts producing income. For investors, this is where the underwriting gets tested against reality.
Preleasing began in late February. First move-ins are expected in April. Rents are tracking in line with projections. The project is on budget with construction ahead of schedule.
How This Fits CCM’s Approach
CCM’s development funds follow a repeatable model: partner with experienced regional operators, target markets where housing demand is measurable and undersupplied, and build a product that works on fundamentals. The Bowline is that model in execution.
Brock Built has a track record in northwest Florida. Summit delivers multifamily on schedule, and the demand was already there before the first unit was finished, because a county that has grown 20% in five years while building almost exclusively single-family housing is not a speculative bet.
More updates to come as leasing progresses.
Visit livethebowline.com for unit availability and details. To learn more about investing with Carpathian Capital Management, visit the CCM Development Fund III page.
View all the updates on this project here.
