PONTE VEDRA, FL – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought The Reserve at Nocatee, a 244-unit luxury multifamily community in Ponte Vedra, Florida, 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 Companies.
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, says Gillis. This asset, ideally located at the heart of the booming master-plotted Nocatee community in Ponte Vedra, the second fastest growing suburb in America, exceeds these criteria points on all counts.
Gillis notes that Ponte Vedra is located 25 miles southeast of Jacksonville just over the Duval County line in St. John s County, which has some of the highest financial barriers to entry in the entire State of Florida. Developers have often spent upwards of $40,000 per unit prior to completing site work due to high utility impact and school concurrency fees, which is keeping the future St. Johns County multifamily pipeline relatively limited, further driving the value of this rare acquisition opportunity.
Ponte Vedra is in unincorporated St. Johns County, which is not only one of the most affluent areas in the state, but among the top 10 fastest growing counties in the country, continues Gillis. Residents of The Reserve at Nocatee also benefit from its location in the number one school district in Florida. Further, it is the only multifamily property within the country-club-like environment of Nocatee, which was recently ranked as one of the best-selling master plotted communities in 2019.
In addition to the premier suburban location and school system, Nocatee offers a high-quality, family-oriented lifestyle with ongoing development of resort-like amenities, the emergence of its own resident conveniences and programming in place for those to participate in on a daily basis. Residents have exclusive access to all of Nocatee s pools, water parks, sports recreational areas, access to a private beach club on the Atlantic, golf cart trails, bike paths, dog parks, and fitness center facilities, notes Gillis.
Gillis clarifies: Nocatee was originally developed for single-family homes – and sells nearly 1,000 homes each year – but has continued to expand to include retail, office, medical facilities, grocers, restaurants, and more. Along with these developments, there are many nature reserves, with 60% of the 12,500-acre parcel used for conservation and land preservation, adding to its unique appeal.
Brian Moulder and Dhaval Patel of Walker & Dunlop facilitated the transaction.
Moulder adds: The Reserve at Nocatee is a fantastic asset in a county that is home to the state s best schools and is experiencing tremendous growth. Working with the Passco team is always a pleasure, and it was a fantastic to be able to expand and deepen our relationship with this transaction.
The Reserve at Nocatee s one-, two-, and three-bedroom units feature washer/dryers, wood/vinyl floorings, granite countertops, stainless steel appliances, and private balconies. The community, which was built in 2018 and sits on over 20 acres of land, offers best-in-class amenities on site, such as a fitness center, a resort style pool with cabanas, and pet park.
The Reserve at Nocatee is located at 215 Hunters Lake Way in Ponte Vedra Beach, Florida. Chris Black and Caleb Marten of KeyBank Real Estate Capital s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

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CHATTANOOGA, TN – Mission Rock Residential is continuing its eastern regional growth, announcing a new management contract for Bluebird Row Apartments in Chattanooga, Tennessee. The company has been issued an agreement for the management of the community by Bay Area-based multifamily investor Hamilton Zanze Real Estate Investments.
“We couldn’t be more excited to have this unique and gorgeous city-center apartment community in such an active, thriving neighborhood join the Mission Rock portfolio,” said Patricia Hutchison, President of Mission Rock Residential. “Our Tennessee presence and team are growing, and we have best-in-class support for a smooth transition. Chattanooga is especially well-positioned, with its expanding tech start-up culture, innovative implementation of technology like the city-wide broadband internet, and migration of new businesses along with residents seeking a vibrant new place to live.”
Bluebird Row Apartments features 283 apartment homes, ranging in size from studios to three-bedrooms. Located in the Southside neighborhood of Chattanooga, at the former site of the famed Chattanooga Choo Choo train terminal, the community offers a fourth floor sky lounge with views of Lookout Mountain, a saltwater pool with a refurbished trolley lounge, an onsite market, a collaborative co-working space, a 24-hour fitness center with weekly on-site classes, and an outdoor yoga space. Additional amenities include a bike share program, a dog wash, secure package lockers, and gated electronic entry into the community.
Individual apartments are equipped with side-by-side refrigerators, granite countertops, in-unit washers and dryers, NEST thermostats, extra-large closets, and wood-style flooring throughout.
Southside, once the urban center of industry in Chattanooga, came to be known for its abandoned warehouses and ancient buildings during the mid-20th century. Today, revitalizations have filled the neighborhood with the art, culture, cuisine, and entertainment that has come to define the city. With 50+ businesses spread across the neighborhood, this once-desolate area is experiencing a second life and is well-primed to host new residents.

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BEND, OR – Security Properties and a university endowment bought Outlook at Pilot Butte, a 205-unit, Class-A multifamily community located in Bend, OR for $52,000,000. This is Security Properties’ third acquisition in the Bend market.
Outlook at Pilot Butte is conveniently located on Bend’s eastside just a five minute drive from Downtown. The property is situated at the base of Bend’s most iconic landmark, Pilot Butte. The 114-acre Pilot Butte State Scenic Viewpoint rises nearly 500 feet above its surroundings and includes a two-mile hiking trail to the summit. More than 750,000 locals and tourists visit Pilot Butte each year.
In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events. The area has become home to a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants.
The units at Outlook at Pilot Butte offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, air conditioning, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a clubhouse with resident lounge, best-in-class fitness center, game room, bicycle storage facility and both an outdoor fireplace and fire pit lounge.
The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces.
Alex Gauper, Investment Manager at Security Properties says, “Bend continues to be a top target market for SP due to its compelling combination of affordability and overall quality of life. This is a top-of-the-market asset that will combine well with our existing market footprint and provide brilliant returns for our investors as Bend continues to grow.”
The property will be managed by Security Properties-affiliate Security Properties Residential.

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