The Reserve at Nocatee
POINT VEDRA, FL—Passco Cos., a privately held California-based commercial real estate company, has acquired The Reserve at Nocatee, a 244-unit luxury multifamily community in Ponte Vedra, Florida, for $54.9 million.
Passco officials tell GlobeSt.com that the deal closed on March 17. The seller was not disclosed. The firm says it plans on remaining active in Florida and hopes to target additional projects in St. Johns County in the future.
The Reserve at Nocatee is the first multifamily community with a Ponte Vedra address to be built since 1988. This acquisition brings the firm's current Florida portfolio to a total of 3,650 units, according to Colin Gillis, VP of acquisitions, East at Passco Cos.
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