Passco buys The Point at Tamaya for $70m

Passco Companies bought The Point at Tamaya in Jacksonville, Florida, for $70m from Waypoint Residential and Rohdie Management. The 380-unit property is located in Jacksonville's 780-acre Tamaya master-planned community. The Point at Tamaya includes a combination of one-, two- and three-bedroom apartments, ranging in size between 620 and 1,240 sq ft. Community amenities include two swimming pools a dog park and walking trails.

“This acquisition is well-aligned with our investment strategy, as we continue to identify high-quality multifamily properties situated in submarkets demonstrating strong fundamentals and sustained growth in Florida and throughout the country,” said Colin Gillis, vice president of acquisitions for Passco’s southeast portfolio. Jacksonville’s “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.”