Thompson Thrift will develop a 312-unit multifamily community in Nocatee called Velara, the real estate company announced Feb. 6.
The development is in Jacksonville at the Duval and St. Johns county line along Burbank Avenue. Previous reports called it Thompson Thrift Ponte Vedra Beach apartments.
Construction will begin mid-February, with the first residents expected to move in during summer 2026, Thompson Thrift said in a news release.
The Davis family sold the property for the apartments to Terre Haute, Indiana-based Thompson Thrift on Feb. 5 for $13 million.
The Davis family sold it through Sonoc Co. LLC. Thompson bought it through Alexandria Pike Highland Heights LLC.
IPA executives Tyler Nilsson, senior managing director of investments, and Erik Bjornson, senior managing director of investments, brokered the purchase.
The community is on almost 13 acres near Nocatee’s western interchange. It will have nine three-story buildings offering studio, one-, two-, and three-bedroom configurations.
“Nocatee has been one of the country’s fastest-selling master planned communities and there is significant demand for luxury multifamily living options,” Josh Purvis, managing partner for Thompson Thrift Residential, said in the release. Velara “will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
Thompson Thrift said amenities will include a covered pool-deck patio, a poolside sunken fire pit and private golf cart garages.
It said Velara will have more high-end features that Thompson Thrift communities are known for, including a 24-hour fitness center, a billiards area, an outdoor gaming area, a pickleball court, a dog park and a pet spa with a grooming station.
Thompson Thrift is a full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston and Phoenix.
It was founded in 1986 by John Thompson and Paul Thrift.
Thompson Thrift also is developing Terrassa, a 324-unit apartment community at the former St. Augustine Outlets property off Interstate 95 in St. Johns County.
