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Passco Snags Luxury Multifamily in Ponte Vedra
California-based Passco Companies acquired The Reserve at Nocatee, a 244-unit luxury multifamily community in Ponte Vedra, FL, for $54.9 million.
The Reserve at Nocatee is reportedly the first multifamily community with a Ponte Vedra address to be built since 1988. It’s also the only apartment property located within the master-planned Nocatee community.
“When sourcing acquisitions, we have an extensive list of factors we evaluate, including ongoing and projected employment and population growth, school system quality, educational attainment within the area, housing values, and household incomes,” said Passco’s Colin Gillis. “This asset, ideally located at the heart of the booming master-planned Nocatee community in Ponte Vedra, the second fastest growing suburb in America, exceeds these criteria points on all counts.”
Walker & Dunlop’s Brian Moulder and Dhaval Patel facilitated the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
