Multifamily real estate firm targets prime location near beaches and job centers for ongoing growth
JACKSONVILLE, FLORIDA (April 15, 2022) – RangeWater Real Estate has closed on its fifth property in Jacksonville, Florida, with plans to build Olea eTown, its most walkable development in the area to date.
RangeWater plans to break ground this Spring on Olea eTown, located at 11385 Exchange Street. The 192-unit, age-targeted community will have 1-, 2- and 3-bedroom apartment homes on a 5.73-acre property. The new build community will be spread among three buildings with socially inspired amenities, including a dog park and open greenspace.
Olea eTown is being designed for those 55 and older who desire an active adult living environment. This is a growing demographic as many downsize from family homes and move towards retirement. Olea eTown is RangeWater’s fifth development in Jacksonville, and the company’s fourth Olea community.
“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, Chairman and CEO of RangeWater. “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.”
Founded in 2006, privately owned RangeWater acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.6 billion portfolio.
RangeWater 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. The age-targeted communities are purposefully designed for empty nesters looking to lead an active and social lifestyle in a multifamily environment. Olea Beach Haven, which is currently under construction, is RangeWater’s first age-restricted development. Both Olea Beach Haven and Olea eTown deliver Fall 2023.
Olea eTown is a part of The PARC Group’s eTown, a 1,500-acre award-winning master planned community. When fully developed, it will include over 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 Market. Residents will benefit from The Exchange, eTown’s town center, which will offer a walkable main street lined with neighborhood shops and restaurants.
Olea eTown is ideally situated to enjoy all the area has to offer. It’s within a 20-minute drive to Ponte Vedra, home to the world-famous TPC Sawgrass golf course, and Jacksonville Beach, known for the Seawalk Pavilion. Residents are also just a 10-minute drive to the Promenade Town Center and the Markets at Town Center. Both centers offer a diverse mix of retail and dining options, including Sprouts Farmers Market, Brio, Nordstrom Rack, REI, and many more. The St. Johns Town Center, a 10-minute drive north of eTown, serves as an impressive heart for recreation and employment in Jacksonville. Anchored by an outdoor luxury lifestyle mall, the center is home to 1.2 million square feet of coveted retail tenants like Apple, Lululemon, Michael Kors, Restoration Hardware, Warby Parker, Tory Burch and Tesla as well as great food at The Capital Grill, True Food Kitchen, and TossGreen.
The Southside Jacksonville area employs over 150,000 people with heavy concentrations in finance through Deutsche Bank and Merrill Lynch as well as healthcare with Florida Blue and Johnson & Johnson Vision. The Southside submarket is the largest office submarket within the MSA with more than 18 million square feet of office and over 200,000 employees, including Baptist Health, Mayo Clinic’s campus and Citibank. The Flagler Center, neighboring the 1 million square-foot Baptist Medical Center, boasts more than 15,000 jobs within a 5-minute drive.
“We’re thrilled to contribute another vibrant and exciting project to the Jacksonville community,” said Michael Oliver, RangeWater’s Director of Development. “Residents are a short drive to job centers, golf courses and beaches, while steps away from shops and restaurants.”
Olea has special events and programming unique to each neighborhood, including an in-house lifestyle director who curates the resident experience and brings the community to life. Finishes include high-end appliances, a resort-style pool, a well-stocked library and media rooms.
The community also will feature a fitness studio, dog park with pet spa, well-stocked craft room and walking trails. Residents can enjoy raised garden beds for community gardening and more social green spaces than most Class A multifamily properties. Ample storage rooms and garages also will be available.