PONTE VEDRA BEACH, Fla.– An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired a 175-unit, Class A multifamily property in the master-planned community of Nocatee, located within the Jacksonville metro area city of Ponte Vedra Beach, Florida.
The asset, Olea at Nocatee, is aligned with Livingston’s ongoing strategy of acquiring well-located communities serving evolving demographic demands and brings its total multifamily acquisitions volume in 2021 to more than $300 million, according to Peter Scola, Founder, President, and Co-CEO of Livingston Street Capital.
“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,” explains Scola. “We aim to deepen our presence in the state, seeking to deploy more than $150 million in investments. This growth into new markets speaks to our strong reputation and ability to quickly take advantage of market opportunities.” Scola notes that the asset is located in St. Johns County, which saw a population increase of more than 43% 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,” explains 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.”
The purchase comes on the heels the Livingston’s recent acquisitions of four Active Adult communities in the Dallas-Fort Worth, Texas region. While Olea at Nocatee is not age restricted, more than half of current residents are over the age of 50, which dovetails well with the firm’s operational expertise and long-term investment strategy of meeting the evolving needs of the large Baby Boomer generation as they age, notes Scola.
“This acquisition allows us to leverage our extensive experience with Active Adult communities to provide residents of all ages the amenities they will need to enjoy a dynamic and active lifestyle, including top-notch programs that promote healthy living, as well as pivot strategy based on demand,” adds Scola.
The community consists of three, 3-story buildings and one, 1-story building and offers residents one-, two-, and three-bedroom units. Units are equipped with walk-in closets, granite countertops, stainless steel appliances and hardwood-style flooring. Community amenities include a resort-style pool with outdoor kitchen, fitness studio, craft room, library, media room, and a golf card rental service.
The location is highly accessible given its proximity to major thoroughfares including Florida State Road A1A, Interstate 95, and Interstate 295, which provide accessibility to nearby Ponte Vedra, Southside Jacksonville, and Downtown Jacksonville areas. Local retailers within two miles of the community include Publix, CVS, Starbucks, and Chase Bank. Further, The Avenues, a major retail center, is located 10.5 miles to the north and includes destinations such as Walmart, Target, The Home Depot, Best Buy, Aldi, and Home Goods.
The Nocatee Community Park is also a focal point to the surrounding neighborhoods and features over 75 acres of parks, including extensive hiking trails, a concession building, a dog park, tennis courts, and greenways that weave through the neighborhoods and surrounding area.
Additionally, the newly constructed YMCA at Nocatee is a 5-minute bike or golf cart ride from the property and includes fitness facilities, covered outdoor greenspace, childcare, family programming, and a variety of other amenities.