A California commercial real estate investment company paid $56.4 million for a 244-unit apartment community in Nocatee.
Jacksonville-based Block One Ventures, in care of Chadbourne III LLC, sold The Reserve at Nocatee apartments to Irvine, California-based Passco Cos. LLC, care of Passco Nocatee DST.
The apartments sold for $231,187 per unit, which is more than double the $104,000 average unit sales price for 2019 in Northeast Florida, based upon 60 transactions and 12,876 units sold, according to Colliers International Northeast Florida.
The 20-acre apartment community, built in 2018, is at 215 Hunters Lake Way, south of Nocatee Parkway and Valley Ridge Boulevard.
Its one-, two- and three- bedroom units range in size from 1,087 square feet to 1,361 square feet. Storage units and garages are available. Amenities include a clubhouse, fitness center, pool, cabanas, playground, bocce ball court, picnic area, golf cart charging stations, bike care facility and a pet park.
Passco announced the sale March 18 in a press release.
Brian Moulder and Dhaval Patel of Walker & Dunlop’s Central Florida sales team facilitated the investment sale and Chris Black and Caleb Marten of KeyBank Real Estate Capital secured $35.68 million in financing for the acquisition through KeyBank National Association.
Passco Cos. LLC is a privately held national commercial and multifamily real estate company focusing on acquisition, development and management.