Multifamily real estate firm buys sought-after property with plans to expand company’s Olea brand in prime spot near beaches, job centers and the Mayo Clinic
JACKSONVILLE, FLORIDA (Jan. 24, 2022) – RangeWater Real Estate has closed on a 6.38-acre property in Jacksonville, Florida.
RangeWater plans to break ground in early 2022 on Olea Beach Haven located at 4101 San Pablo Parkway. Plans call for a 175-unit age-restricted community with 1-, 2- and 3-bedroom homes and vibrant community amenities, including a dog park and a social green space.
“Our team has been diligent in securing our third development under RangeWater’s Olea platform in Florida,” said Steven Shores, Chairman and CEO of RangeWater. “Olea is centered around community, with the idea that today’s empty nesters are more active than preceding generations and are attracted to vibrant, collaborative communities. That is exactly what we intend to deliver here in Jacksonville.”
Founded in 2006, privately owned RangeWater acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.4 billion portfolio.
RangeWater opened its first two Olea properties in Florida in August 2020 and experienced high leasing velocity leading to stabilization within a year. The age-targeted communities are purposefully designed for empty nesters looking to lead an active and social lifestyle in a multifamily environment. Both were successfully transitioned to new ownership late Summer 2021.
“We’re honored to be entrusted with this location and are excited to bring this project to the Jacksonville community,” said Michael Oliver, Director of Development. “This intracoastal location is close to the Mayo Clinic, job centers, shopping and the beaches.”
Olea has special events and programming unique to each neighborhood. Finishes include high-end appliances, a resort-style pool, a well-stocked library and media rooms. Residents can enjoy raised garden beds for community gardening and more social green spaces than most Class A multifamily properties.
“Our Olea communities encourage people to be social and convene,” Oliver said. “At Olea Beach Haven, we will have a full calendar of activities led by our Lifestyle Director that bring life to the community and its many large, well-adorned, indoor and outdoor spaces.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 30,000 multifamily units since its inception in 2006 representing in excess of $5.4 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 68,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver, Tampa and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit www.LiveRangeWater.com.