RangeWater Real Estate will soon break ground on the 192-unit Olea eTown, an age-restricted community in Jacksonville, Fla. The property will be the company’s fifth development in the metro, the fourth under the Olea brand and its second age-restricted community. Olea eTown, which is designed for individuals 55 and over, is expected for delivery by the fall of 2023.
Plans for the three-building community call for one- to three-bedroom units. The property will be part of The PARC Group’s eTown, a 1,500-acre master-planned community. Expected to become the developer’s most walkable property, Olea eTown is slated to include a fitness studio, pool, craft room, dog park and pet spa. Walking trails, media rooms, a library, storage rooms and garages will also be available.
Located at 11385 Exchange St., on a 5.73-acre site, the property will be some 8 miles southeast of Markets at Town Center and St. Johns Town Center. Jacksonville’s Baptist South medical center will be some 5 miles southwest of the community, while Ponte Vedra Beach will be roughly 17 miles northeast.
Expanding in Jacksonville
The first two Olea communities—Olea at Nocatee and Olea at Viera—opened in 2020, with the developer subsequently selling both, but still managing Olea at Nocatee. All Olea communities are built for empty nesters in search of an active and social lifestyle within a multifamily environment. Already under construction, Olea Beach Haven is the company’s first age-restricted development and is also scheduled to come online in the fall of 2023.
Active in other markets as well, this month, RangeWater sold the nine-building, 270-unit Virginia Highlands Apartment Homes in Atlanta. H.I.G. Realty Partners originated a $69 million acquisition loan for the buyer, MSC Investment and Management.