Livingston Street Capital Acquires Jacksonville-Area Multifamily

JACKSONVILLE, FL – An affiliate of the boutique private equity firm, Livingston Street Capital has acquired 175-unit, class A multifamily property in Ponte Vedra Beach, FL.

The acquired property, Olea at Nocatee, consists of three, three-story buildings and a one-story building located within the master-planned community, Nocatee.

Built in 2020, Olea at Nocatee offers one-, two- and three-bedroom units with granite countertops, stainless steel appliances, hardwood-style flooring and walk-in closets. The community offers amenities such as a resort-style pool with an outdoor kitchen, a fitness studio, a craft room, a library, media room and a golf cart rental service.

“After evaluating opportunities in the Florida market for some time, we identified Olea at Nocatee as an ideal fit for our acquisition criteria as it is a strategically located, 2020-built multifamily community that will benefit from the favorable demographics,” says Peter Scola, founder, president and co-CEO of Livingston Street Capital.

Located in the Jacksonville metropolitan area, Olea at Nocatee is situated near Florida State Rd. A1A, Interstate 95, Interstate 295, the newly-constructed YMCA at Nocatee, and the more than 75-acre Nocatee Community Park, which features hiking trails, a concession building, a dog park, tennis courts and greenways. The property is located in St. Johns County, which experienced a more than 43% population increase in between 2010 and 2020.

“This asset is located in a submarket that is experiencing some of the highest rates of growth in Florida and the country as a whole, positioning the community for long-term demand and success,” states Scola. “Further, Nocatee, which has ranked among the country’s top master-planned communities each year for nearly a decade, is well-equipped to provide residents with virtually never-ending recreation, retail, dining and entertainment options.”

According to Scola, Livingston Street Capital aims to deepen its presence within the state of Florida by deploying more than $150 million in investments.

The recent transaction brings Livingston Street Capital’s total 2021 multifamily acquisition volume to more than $300 million.

Though Olea at Nocatee is not age restricted, more than half of its current residents are older than 50. Scola notes that the acquisition allows Livingston Street Capital to leverage its active adult community experience to provide amenities and programs that promote active lifestyles and healthy living.