Passco Cos. purchases multifamily community in Ponte Vedra, Fla.​

Passco Cos. has bought The Reserve at Nocatee, a 244-unit luxury multifamily community in Ponte Vedra, Fla., for $54.9 million.

The Reserve at Nocatee is the first multifamily community with a highly desirable Ponte Vedra address to be built since 1988. This acquisition brings the firm’s current Florida portfolio to a total of 3,650 units, according to Colin Gillis, vice president of acquisitions, East at Passco Cos.

“When sourcing acquisitions, we have an extensive list of factors we evaluate, including ongoing and projected employment and population growth, school system quality, educational attainment within the area, housing values, and household incomes,” said Gillis. “This asset, ideally located at the heart of the booming master-planned Nocatee community in Ponte Vedra, the