Passco Grows Florida Footprint With Jacksonville Buy
Passco's portfolio in the Sunshine State now totals more than 3,000 units, according to Colin Gillis, VP of acquisitions, southeast at Passco.
JACKSONVILLE, FL—The Passco Companies has increased its multifamily portfolio in Florida to 10 properties with the $70-million purchase of a 380-unit luxury multifamily development here.
The Point at Tamaya, which was built in 2017, was sold by Waypoint Residential and Rohdie Management. Passco’s portfolio in the Sunshine State now totals more than 3,000 units, according to Colin Gillis, VP of acquisitions, southeast at Passco.
Both the buyer and the seller have been active of late in the state of Florida. Earlier this week, Boca Raton-based Waypoint Residential sold the 320-unit Arrow Ridge Apartment Homes in Kissimmee, FL to the Insula Companies of Sarasota for $49 million.
In May, Irvine, CA-based Passco spent $77.5 million for a 360-unit apartment community in Sarasota and alsio announced it planned on opening a new office in Orlando this summer headed by Greystar executive Brooks Foy.
“This acquisition is well-aligned with our investment strategy, as we continue to identify high-quality multifamily properties situated in submarkets demonstrating strong fundamentals and sustained growth, in Florida and throughout the country,” says Gillis. “The Point at Tamaya is an exceptional asset, one of only a few of its caliber in the entire Jacksonville market, which also benefits from a prime location offering convenient access to the area’s amenities and employment.”
Brian Moulder and Dhaval Patel of Walker & Dunlop represented both the buyer and seller in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Cos.
The Point at Tamaya is the only apartment project zoned within the Tamaya master-planned community, with new homes being built in the $350,000 to $700,000 range. The community’s prime location, exceptional unit interior-design and excellent amenity package has attracted a strong demographic of ‘renters-by-choice,’ with an average household income of $90,000, Gillis notes.
The property at 3050 Tamaya Blvd. is also located less than a five-minute drive to St. Johns Town Center, one of the largest retail destinations in Florida, as well as major employers, such as the Mayo Clinic, which is currently undergoing a 300,000 square-foot expansion that is expected to bring hundreds of jobs to the region.
“The city of Jacksonville is experiencing job growth at rates that are twice the national average,” Gillis adds. “This continuing influx of jobs is driving demand for housing in the city, further indicated by the rapid lease-up of the Point at Tamaya, where absorption frequently exceeded 30 leases per month.”