The new Lyria Apartments stands out as one of Pensacola's most successful new multifamily developments in an exceptionally competitive and rapidly expanding market.
Last year, more than 1,000 new apartment units were added to the area. Despite this significant influx, the 330-unit Lyria in Pensacola's Ferry Pass neighborhood consistently outperformed expectations by leasing quickly. From the first resident move-ins in February through August, Lyria exceeded budgeted occupancy each month, closing August at 10% above projections.
By the end of 2025, the new multifamily property had achieved 71.52% occupancy and was 70% leased. Achieving this level of success amid constant pressure from competing new developments, shifting concessions and fluctuating market conditions required disciplined execution and an exceptional leasing team. With average asking rents exceeding $1,830, Lyria met or exceeded net operating income expectations each quarter throughout the lease-up phase.
Reflecting its customer focus, Lyria's leasing team achieved a community reputation score of 913, far exceeding the industry benchmark of 621. Online ratings further reinforce this success, with 4.9 out of 5 stars on Google and perfect five-star ratings on Apartments.com and Facebook.
In 2025, the Greystar leasing team conducted 735 tours and secured 300 gross leases, achieving a 40% closing ratio well above the 30% to 35% industry standard. This disciplined leasing strategy played a critical role in surpassing occupancy expectations while maintaining pricing integrity. Additionally, the community maintained an exceptionally low delinquency rate of 1% each month, highlighting strong operational controls and accountability.
About the Project: The project's maintenance team also delivered exceptional service while supporting ongoing construction closeout and resident satisfaction. In 2025, the team completed 89% of all work orders within 24 to 72 hours, reinforcing resident trust and satisfaction for the new project owned by Catalyst Development Partners, an Atlanta-based multifamily real estate developer.
For its standout leasing performance in an exceptionally crowded and competitive market, the Lyria Apartments at 8707 N. Davis Highway, was selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for Multifamily Development of the Year for Pensacola.
What the judges said: "The Lyria offered the whole package, great architectural design and a compelling amenity package," said Michael Carro, senior advisor with SVN Southland.
They made it happen: Christine Broussette, community manager; Alicia Hefty and Christy Rightley, leasing agents, all with Greystar; and Penny Bontugan, assistant property manager, also with Greystar.