Passco Cos. has paid $54.9 million, or $225,000/unit, for the 244-unit Reserve at Nocatee apartment property in Ponte Vedra, Fla., which is just south of Jacksonville, Fla. It bought the two-year-old property, at 215 Hunters Lake Way, from Block One Ventures of Jacksonville in a deal brokered by Walker & Dunlop.