Passco Pays $70M for Jacksonville Apartments

Waypoint Residential and Rohdie Management developed the 13-building, 380-unit Point at Tamaya in Florida, which opened its doors in October 2017.
The Point at Tamaya

Passco Cos. has acquired The Point at Tamaya, a 380-unit community in Jacksonville, Fla., for $70 million. The seller was a joint venture between Waypoint Residential and Rohdie Management. The partnership broke ground on the asset in 2016, with the development welcoming its first residents in October 2017, according to Yardi Matrix data.

The development is part of the larger, 780-acre Tamaya master-planned community, which is also the future home of a 172-unit senior living community.

Located at 3050 Tamaya Blvd. in Jacksonville’s Southridge submarket, the garden-style community’s 13 buildings are positioned a stone’s throw from Beach Boulevard, 2.5 miles east of Interstate 295. The approximately 85,000-square-foot Kernan Square shopping center is a short drive away, home to a Publix and a selection of other retail options.

The property includes a combination of one-, two- and three-bedroom apartments, each containing between 620 and 1,240 square feet. Community amenities include:

  • two swimming pools
  • dog park
  • business center with a conference room
  • clubroom
  • fitness center
  • walking trails

“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,” said Colin Gillis, vice president of acquisitions for Passco’s southeast portfolio, in a prepared statement. “(Jacksonville’s) 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.”

Image courtesy of Passco Cos.