RangeWater Real Estate LLC of Atlanta paid $7.61 million for land in the Duval County portion of Nocatee to develop the 291-unit Cadence at Nocatee apartment community.
RangeWater, through CRP/RW Valley Ridge Owner LLC, bought the property southwest of Nocatee Parkway and Valley Ridge Boulevard on July 22 from Jacksonville-based Sonoc Co. LLC, led by Jed Davis.
Public records indicate the principal address of CRP/RW Valley Ridge Owner is the same as The Carlyle Group, a global investment firm in Washington, D.C. The nocatee.com site said the sale was brokered by Tyler Nilsson and Erik Bjornson at Newmark Knight Frank.
CRP/RW Valley Ridge Owner secured a $33.1 million mortgage from Pinnacle Bank.
The Jacksonville Planning and Development Department Development Services section approved site development plans in March.
Those plans show the 14.03-acre development will comprise 281 units among 10 buildings with 146 one-bedroom units; 117 two-bedrooms units; 18 three-bedroom units; and 10 townhome or condominium units. Some units have attached and detached garages.
Plans show a clubhouse of up to 6,862 enclosed square feet.
RangeWater announced on the Nocatee website that construction for Cadence will begin in August and resident move-in is anticipated in the fall of 2021.
Community features include on-site concierge services, an outdoor social kitchen, game area and a movie lawn, pet spa, clubhouse, library, business center, fitness space with yoga studio and weight training equipment, dog park and a park connection to adjacent future retail space.
The apartments will feature 9-foot ceilings, granite countertops, vinyl plank flooring, carpeted bedrooms and stainless steel appliances.
Rental rates were not listed on the site.
Cadence is one of three apartment developments in Nocatee, a master-planned community in northern St. Johns County developed by Jacksonville-based The PARC Group.
Pollack Shores Real Estate Group LLC and Matrix Residential rebranded as RangeWater in January. It is a development, management and investment firm with more than 150 properties and 26,000 multifamily units across the Sunbelt. Pollack Shores owned and operated Matrix Residential, the property management firm.
RangeWater developed the Olea at Nocatee age-targeted adult apartment community and The Brooklyn Riverside apartments in Downtown Jacksonville. RangeWater provides property management for the Reserve at Nocatee, the third apartment community in Nocatee. In 2017, it bought The Retreat at St. Johns apartments near the University of North Florida.
