Dealmaker: Passco Cos. Acquires Fla. Multifamily Community for $70M

Passco Cos. Irvine, Calif., acquired multifamily community The Point at Tamaya in Jacksonville, Fla., from Waypoint Residential, Boca Raton, Fla. and Rohdie Management, New York, for $70 million.

The 2017-built property includes 380 Class A units.

Passco Vice President of Southeast Acquisitions Colin Gillis called the acquisition well-aligned with Passco’s investment strategy and said the firm continues to identify high-quality multifamily properties in Florida submarkets demonstrating strong fundamentals and sustained growth.

“Every major point of interest in town can be accessed from the property in less than 15 minutes and the location within the Tamaya master-planned community allows the resident base to enjoy a quieter, more relaxed environment than housing located within some of the city’s more densely populated neighborhoods,” Gillis said.

The Point at Tamaya is the only apartment property within the Tamaya master-planned community. The community attracts many ‘renters-by-choice,’ with an average household income of $90,000, Gillis noted.

The asset is also less than five minutes from St. Johns Town Center, one of the largest retail destinations in Florida, and near employers including the Mayo Clinic, which is currently undergoing a 300,000 square-foot expansion expected to bring hundreds of jobs to the region.

“The city of Jacksonville is experiencing job growth at rates twice the national average,” Gillis said. “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.”

Walker & Dunlop Managing Directors Brian Moulder and Dhaval Patel represented both buyer and seller in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged Passco’s acquisition financing.

Passco also acquired a Class A multifamily property in Sarasota, Fla. for $77.5 million. The firm plans to change the 360-unit community’s name from Springs at Bee Ridge to Longitude 82 Degrees. Jamie May, Chairman and CEO of JBM Institutional Multifamily Advisors, Tampa, Fla., represented both seller and buyer; KeyBank’s Black and Marten arranged the financing.

The acquisitions brings the firm’s multifamily portfolio in Florida to 10 properties totaling more than 3,000 units.