Atlanta-based RangeWater Real Estate paid $8.52 million on April 12 for property to develop the proposed Olea eTown age-targeted apartment community for active adults.
RangeWater, through CRP/RW Olea South Jacksonville Owner L.L.C., bought the land from Eastland Timber LLC.
TD Bank of Greenville, South Carolina, issued a $37.4 million mortgage.
RangeWater Development LLC said in a news release April 15 it plans to break ground this spring on the 192-unit community on 5.73 acres at 11385 Exchange Street in eTown, which is east of Florida 9B.
Plans show three apartment buildings, three garages, surface parking, a pool area and a dog park.
It will comprise one-, two- and three-bedroom units.
England, Thims & Miller Inc. is the civil engineer.
The city calculated a mobility fee of $127,952 to mitigate the traffic impact.
RangeWater said in the release it closed on the purchase of the property, which will be the company’s fourth Olea community.
It said Olea eTown is designed for those 55 and older “who desire an active adult living environment” and be its most-walkable development in the area.
RangeWater said the 55-plus group is a growing demographic as many in that age range downsize from family homes and move toward retirement.
“As we continue to expand RangeWater’s Olea platform in Jacksonville, we’re offering more of what we see this resident profile demands,” said Steven Shores, RangeWater chairman and CEO.
“Empty nesters remain a fast-growing demographic for us and we’re continuing to improve on each Olea community to provide more vibrant, collaborative communities.”
Privately owned RangeWater, founded in 2006, buys, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States. It said it has a $5.6 billion portfolio.
Olea Beach Haven, under construction along San Pablo Parkway, is RangeWater’s first age-restricted development. The other projects target that age range but are not restricted.
Olea Beach Haven and Olea eTown will be completed in fall 2023, RangeWater said.
RangeWater said it opened its first Olea communities – Olea at Nocatee and Olea at Viera – in summer 2020.
“After each successfully stabilized within the year, the company sold both and still manages Olea at Nocatee,” it said.
RangeWater said eTown is a 1,500-acre master-planned community. When fully developed, it will include more than 2,300 single-family homes, a 5-acre amenity center, a 3.5-acre Baptist Health medical center, and a 48,000-square-foot Publix Super Markets Inc. store.
The Exchange, eTown’s town center, will offer a walkable main street with neighborhood shops and restaurants.
The release said Olea offers special events and programming to each neighborhood, including an in-house lifestyle director.
Finishes include high-end appliances, a resort-style pool, a library and media rooms.
The community also will feature a fitness studio, dog park with pet spa, craft room, walking trails and raised garden beds for community gardening.
Storage rooms and garages also will be available.