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Jax Daily Record Wednesday, Sep. 8, 202104:03 PM EST

Olea at Nocatee apartments sell for $56 million

RangeWater completed the 175-unit property in 2021.
by: Katie Garwood Staff Writer

RangeWater Development LLC sold the Olea at Nocatee apartment community Aug. 27 for $56 million to Pennsylvania-based Livingston Street Capital. 

RangeWater sold the 55+ community through CRP/Pollack Ponte Vedra Owner LLC to LSC-Ponte Vedra DST, according to a deed recorded Sept. 8 with the Duval County Clerk of Courts.

CRP/Pollack shares an address in Washington, D.C., with Carlyle Group.

The Duval County portion of the property is 5.02 acres. 

Another 2-acre parcel, where the clubhouse is located, is in St. Johns County. 

The Duval County deed shows the total sales price for the entire property. 

The 175-unit property was completed in 2021. It is at 50 Pine Shadow Parkway near Preservation Trail and Cross Town Parkway.

The average per-unit price was $320,000. 

Newmark Knight Frank’s Erik Bjornson and Tyler Nilsson brokered the sale. 

Houston-based CBRE issued a $33.6 million mortgage to Livingston Street Capital for the purchase. 

Olea offers one-, two- and three-bedroom units, which include granite countertops, tile backsplashes, stainless steel appliances, vinyl plank flooring, balconies and walk-in closets.

Community amenities include a pool, fire pit, lounge, community garden, craft room, fitness studio, dog park, kitchen, game room and lawn, library room and a golf cart rental service.


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